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Elon Musk believes dogecoin could be the future of cryptocurrency, but advises investing cautiously

Elon Musk said that dogecoin ironically could become the future of cryptocurrencies, which themselves could become the future currencies of our world. Despite this bold claim, the billionaire Tesla adopted a somewhat measured tone…

tweeting to his millions of followers on Friday, May 7: “Cryptocurrencies are promising, but invest with caution please!” Elon Musk’s tweet referred to a video from celebrity news site TMZ, in which he cautioned, “First of all, I think people shouldn’t be investing their savings in cryptocurrency…

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clear, I think this is reckless. ” Still, the Tesla boss and founder of SpaceX added, “If you kind of want to speculate and, I don’t know, maybe have fun, I mean there’s a good chance crypto is the one. future currency of the Earth.

Asked about dogecoin, Elon Musk replied, “The point is, dogecoin was invented as a joke, basically to make fun of cryptocurrencies.” He added: “Fate loves irony … What would be the most ironic result? That money that was invented as a joke actually becomes real money.

“Still, Elon Musk admitted there were issues with dogecoin – the asset has soared over 25,000% in the past year to become the fourth-largest cryptocurrency. The unlimited supply of dogecoin could negatively impact its valueAsked whether the unlimited supply of dogecoin represents a danger to its price compared to bitcoin, whose supply has been fixed and scheduled since its inception, Elon Musk replied: “Yes, it is.

” But then he repeated the mantra of dogecoin investors: “To the moon!”Elon Musk, the second richest person in the world, was at the heart of the impressive cryptocurrency boom in 2021.  Tesla’s announcement in February of the purchase of bitcoin for $ 1.5 billion supported the insane rise of the world’s most famous cryptocurrency.

And his frequent dogecoin tweets may have been the main driver of the buzz around this meme. Analysts said the recent dogecoin frantic rally was due in part to people trying to enter the market before Elon Musk appeared on the “Saturday Night Live” show on May 8, where many predict he will talk about cryptocurren..

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