Tesla,ย Inc. CEO Elon Muskย (Teslaย &ย SpaceX CEO) stated he isnโt encouraging anyone to go heavily in on cryptocurrency, even Dogecoinย (DOGE) โ regardlessย of his rampant love for the token.
โIโm not advising anyone to buy cryptocurrency or bet the farm on Dogecoin,โ stated Musk, speaking virtually at The Wall Street Journalโs CEO Council Summit in London,ย accordingย to the WSJ.
Musk has had a long relationship with Dogecoinย (DOGE), having promoted it on Saturday Night Live, purchased it for his son and even offered to work with its developers to make it more suitable for wider adoption. He evenย followed throughย with his commitment to temporarily turnย the Twitter logo into a Dogecoinย (DOGE) image after buying the company.
In the conference, he alsoย explainedย why he was such a fan. โ Dogecoinย (DOGE) is my favorite digitalย currency because it has the best humor and has dogs,โ he added.
Pastย week, Binanceย Cryptoย exchange CEO Changpeng Zhaoย expressed surpriseย that Dogecoinย (DOGE) had not isย still faded away and stated Musk canย potentially have played a role in extending the memecoinโs lifespan.
Muskโs cautious advice couldย be in light of his particular influence on the market. In 2018, he paid a $20 Million penalty to the Unitedย States Securities and Exchange Commission for making a weed joke about Teslaโs stock price and inadvertently pumping it by 6%.
