Elon Musk Sees Dogecoin as ‘Stimulus for People Kicked by Pandemic’ but Says ‘Please Invest With Caution’

Dogecoin, the cryptocurrency created for fun by programmer Billy Markus and based on the doge meme, just got some serious support. The currency has been hit hard by the market meltdown, with the price of one coin falling from a high of $0.00095 to $0.00023, over 60%. Is this just the market’s normal volatility? Or is there something more to it?  It’s hard to say.  It’s even harder to know what to make of Elon Musk’s recent tweet, where he said that dogecoin should be “considered if a pandemic hits” because “it’s much easier to get people to agree on the value of a currency which can be electronically divided into sub-

Elon Musk is one of the most influential people in the world; he just seems to be able to do whatever he wants. He has recently been tweeting a lot about Dogecoin, and has announced his support for the currency. Musk has a vision of Dogecoin being used as a stimulus package for those in developing countries, who have been kicked out of their jobs due to a recent massive pandemic that has swept the globe. ~RANDOM~

Elon Musk, CEO of Spacex and Tesla, sees Dogecoin as his private boost to the nation, offering legitimate hope to those affected by the coronavirus pandemic. While the price of dogecoin is rising, as are a number of other crypto-currencies, Musk warned: Cryptocurrencies are promising, but invest with caution.

Elon Musk sees dogecoin as a boost for thenation

Elon Musk spoke on Twitter about Dogecoin and cryptocurrency investing ahead of his appearance on Saturday Night Life (SNL) on February 8. May with Miley Cyrus as musical guest.

Responding to a tweet Friday that Dogecoin was somehow Elon’s private incentive for people, Musk said: That’s how I see it. The tweet includes a photo of a sign that reads: Dogecoin represents legitimate hope for those affected by the pandemic. Change your mind.

Elon Musk Sees Dogecoin as ‘Stimulus for People Kicked by Pandemic’ but Says ‘Please Invest With Caution’

At the time of writing, Dogecoin is valued at $0.7172 and has a market value of $92.88 billion. The price of the meme coin has risen more than 98% this month and nearly 7,000% year-on-year.

As investors poured into dogecoin ahead of Musk’s SNL speech, Tesla’s CTO tweeted Thursday night:

Cryptocurrencies are promising, but invest with caution.

His tweet included a video published by TMZ in February, in which he talks to reporters about Dogecoin and cryptocurrency investing. In the video, Musk is asked if Dogecoin could really become the world’s next currency. He replied: I think it should be the will of the people.

He was then reminded of some of the problems with dogecoin that bitcoin does not have, such as the unlimited supply. Musk went on to warn investors. First of all, I don’t think people should invest their savings in cryptocurrencies, he warned. The Tesla CEO reiterated that people can invest in cryptocurrencies if they want to speculate and if they have the means to do so:

Don’t take too much risk with cryptocurrencies.

What do you think of Elon Musk’s comments on investing in cryptocurrencies and dogecoin? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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