In a recent interview with the Wall Street Journal, the CEO of Tesla stated that he cannot advise people to invest money in the cryptocurrency market.
He also touched on dogecoin, explaining why it is his favorite cryptocurrency.
Elon Musk has had a difficult and controversial relationship with the crypto industry and community over the past few years. From buying bitcoin for himself and Tesla to selling shares due to the negative environmental impact of bitcoin mining.
However, he has also supported dogecoin and has used almost every opportunity to increase the price and popularity of the asset, whether intentionally or not.
His words always have an effect on doge, as well as on other meme tokens, which have capitalized on the hype that Musk created to launch new projects.
When asked if he still likes cryptocurrencies, Musk said that he ‘does not advise anyone to buy cryptocurrencies or invest in dogecoin’.
Nevertheless, the billionaire added that dogecoin is his favorite cryptocurrency because ‘it has the best humor and has dogs’. He also stated that the most ironic outcome for global currencies would be for a meme token created as a joke to become a global world currency.
It is worth noting that dogecoin did not react well to Musk’s latest comments. It jumped to $0.074 yesterday but fell back to $0.07 a few hours later.
