- Musk tweeted out a video on Thursday night with the words “cryptocurrency is promising, but please invest with caution!”
- “I think it should be the will of the people.”
- “People should not invest their life savings in cryptocurrency,” said Musk. “It should be considered a speculation at this point and so don’t go too far on the crypto speculation part.”
Musk also talked about the success of Dogecoin in the video.
- “Dogecoin was invented as a joke as essentially to make fun of cryptocurrency and that’s why I think there’s an argument like fate loves irony.”
- “What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes the real currency,” said Musk.
Could Dogecoin become a real currency?
Questions about the longevity of Dogecoin have been asked in recent weeks as people continue to invest. Dallas Mavericks owner Mark Cuban said Dogecoin could become a real currency if more businesses start to accept it, as I wrote for the Deseret News. For example, the Mavericks allow people to spend their dogecoins at the Mavericks team store.
- “Meme coins like Doge only work if they gain utility and users use them for that utility,” he tweeted.
- “As long as more companies take doge for products/services, then Doge can be a usable currency,” he tweeted.
Palantir CEO Joe Lonsdale recently said Musk was the only guy who could make Dogecoin into a real currency, even on Mars.
- “If Elon Musk decides he wants to make something the currency on Mars, I bet you he could do it and I bet you Dogecoin is going to be around for a while,” he said.
- “There’s nothing completely irrational about a very slowly growing cryptocurrency.”