Tesla CEO Elon Musk has warned investors not to put all their eggs in the dogecoin basket, despite his own personal enthusiasm for the memecoin.
“I’m not advising anyone to buy crypto or bet the farm on dogecoin,” Musk said during a virtual appearance at The Wall Street Journal’s CEO Council Summit in London.
Musk has been a vocal supporter of dogecoin for years, and his tweets and other public statements have helped to drive the price of the cryptocurrency up and down.
In 2021, dogecoin’s price surged to an all-time high of $0.73, before crashing back down to its current level of around $0.07.
Musk’s latest warning comes as the cryptocurrency market is facing a broad sell-off. Bitcoin, the largest cryptocurrency by market capitalization, has lost more than half of its value since its all-time high in November 2021.
“Crypto is a risky asset,” Musk said. “It’s not a get-rich-quick scheme.”
Musk’s advice is likely to be heeded by many investors, who are already reeling from the recent losses in the cryptocurrency market. However, it is also possible that Musk’s words will only serve to further pump up the price of dogecoin, as investors scramble to buy the dip.