Tesla and SpaceX CEO Elon Musk sees dogecoin as his “private stimulus for the people” that represents “legit hope for people” hit by the coronavirus pandemic. While the price of dogecoin has been drawing adjacent plenty of other cryptocurrencies, Musk warned, “Cryptocurrency is promising, though please invest with discretion.”
Elon Musk Sees Dogecoin as His Stimulus for the People
Elon has been tweeting regarding dogecoin and cryptocurrency financing spanning up to him hosting Saturday Night Live (SNL) on May 8 with Miley Cyrus as the musical guest.
Reacting to a tweet on Friday suggesting that “Dogecoin was in a way Elon’s private stimulus for the people,” Musk said, “That’s how I feel about it.” The tweet includes an image of a sign that says, “Dogecoin represents legit hope for people kicked by the pandemic. Change my mind.”
Dogecoin’s worth is currently $0.7172 at the time of composition; its market cap is $92.88 billion. The meme coin’s price has increased more than 98% this month and almost 7,000% since the beginning of the year. This is such a huge number.
As investors pile into dogecoin ahead of Musk’s SNL, the Tesla techno king tweeted Thursday night:
Elon’s tweet involved a video posted by TMZ back in February of him talking to journalists about dogecoin and cryptocurrency financing. In the video, Musk was asked whether dogecoin “can be the next currency for the world.” He replied, “I think it should be the will of the people.”
Elon was then recalled of some problems with dogecoin that do not exist with bitcoin, such as its endless supply. Musk progressed to caution investors. “First of all, I think people should not invest their life savings in cryptocurrency,” he advised. While stating that people could invest in cryptocurrencies if they want to contemplate and have the resources to do so, the Tesla CEO reiterated: Don’t take too much risk on crypto.
Musk, in particular, has supported dogecoin, a cryptocurrency that began as a joke which depicts a Shiba Inu dog, as he told TMZ. “The point is that dogecoin was invented as a joke as essentially to make fun of cryptocurrency,” he told TMZ. … The currency that started as a joke becomes the real currency
That’s what happened in April when Musk tweeted “Doge Barking at the moon” and shared a photo of a portrait by Spanish painter Joan Miró, which is titled “Dog Barking at the Moon.” Dogecoin started in 2013 as a joke — a nod to the “doge” meme that was all over the internet at the time. To be sure, Dogecoin stands still up more than 10,000% in 2021, rising from less than half a penny to more than 50 cents. The surge in recent months has shifted Dogecoin’s market value to $70 billion, which means it’s worth more than Moderna, Ford, and Twitter.
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