Elon Musk warns investors not to ‘bet the farm on Dogecoin’
Even though it's his favourite cryptocurrency
On Tuesday, Elon Musk said he isn't encouraging anyone to invest in crypto or go heavily into Dogecoin — despite his love for the memecoin.
"I'm not advising anyone to buy crypto or bet the farm on dogecoin," he said while speaking virtually at the Wall Street Journal’s CEO Council Summit. "Maybe you should, but let me advise you that would be perhaps unwise."
Still, Musk said that Dogecoin is his favourite cryptocurrency because it has "the best humour" and "it has dogs".
The Tesla CEO has had a long relationship with Dogecoin. In April 2021, he called himself "The Dogefather" in a promotional tweet for an episode of Saturday Night Live in which he said the memecoin was "the future of currency".
Musk also followed through with his commitment to change Twitter's logo to a ‘Doge’ last month, fuelling a 20% spike in the price of Dogecoin.
Last week, Binance CEO Changpeng Zhao expressed surprise that Dogecoin had not yet faded away and attributed its longevity to Musk's support.
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