Musk reminds Dogecoin of risks: Cryptocurrency has prospects, but please invest cautiously

On May 7, Beijing time, Tesla CEO Elon Musk retweeted a video titled "Musk Says Dogecoin Could Be the Future of Cryptocurrencies" and expressed his support for the The accompanying video stated that cryptocurrencies are promising, but please invest cautiously.

The video shows that Musk was besieged by fans asking for signatures. Some fans asked whether Dogecoin can be expanded and is not limited in quantity like Bitcoin. Will it take away the value of traditional coins? Musk agreed with this.

Musk will be questioned by Twitter lawyers on the acquisition this week: According to news on September 26, Musk plans to meet with Twitter (TWTR.N) lawyers this week and be questioned before the October trial, which will Deciding whether he must stick with his $44 billion deal to buy the social platform after trying to exit the deal. Inquiry, scheduled for Monday, Tuesday and possibly extended to Wednesday, will not be made public. As of Sunday evening, it was unclear whether Musk was present in person or via video. The transaction hearing will begin on October 17 in the Delaware Chancery Court and is expected to last only five days. In addition to Musk, Twitter's lawyers will also subpoena Musk's deputy, Jared Birchall, and attorney Alex Spiro in the coming days, the documents also show. [2022/9/26 5:51:30]

Musk said that people should not invest their life savings in cryptocurrencies, which is very unwise. "Cryptocurrency is very likely to become the mainstream currency on earth in the future, but this is only speculation. There may be many mainstream currencies. This idea is also a bit speculative. Don't invest too much in cryptocurrency. I speculate that the future of cryptocurrency The best would be Dogecoin.”

As the deadline for the deal with Musk is approaching, Twitter freezes employees’ equity reward accounts: Jinse Finance reported that Twitter froze employees’ equity reward accounts on Monday as the deadline for reaching an agreement with Musk is approaching. It is reported that Twitter updated its employee FAQ page this week to remind employees that they will not be able to access or trade shares in the equity award center. The change was made "in anticipation that an entity that Musk controls is close to completing its acquisition of Twitter," the page wrote, according to two people familiar with the matter. (Bloomberg) [2022/10/19 17:32:01]

Fans also asked him how to make the price of Dogecoin rise sharply after tweeting. Musk did not respond positively to this, saying only that he should not take too much risk because of cryptocurrencies.

Musk intends to sell his NFT with 420 million DOGE: On the morning of March 16, Tesla CEO Musk tweeted that he is selling songs about NFT as NFT. Encrypted artist Beeple commented on his tweet that he is willing to bid $69 million. Subsequently, Musk replied that the price was 420 million DOGE (420M Doge). If calculated at a unit price of US$0.05, the NFT will sell for approximately US$21 million.

According to previous news, the NFT work of encrypted artist Beeple was sold at Christie's auction price of US$69.34 million. [2021/3/16 18:48:46]

Musk has repeatedly discussed Dogecoin on Twitter, and the price of Dogecoin has also moved higher following his discussions. On April 1, Musk said that Space X would bring a Dogecoin to the moon, and Dogecoin rose by more than 14%.

It is worth mentioning that while Musk believes that Dogecoin may be the future of cryptocurrencies, Tesla insists on investing in Bitcoin. In February of this year, Tesla announced the purchase of $1.5 billion in Bitcoin. On March 24, Musk announced on Twitter that Tesla vehicles can be purchased with Bitcoin. He also said that later this year, bitcoin payments outside the United States will also be available. Tesla directly operates Bitcoin nodes using only internal open source software. Bitcoin payments to Tesla will be held as Bitcoin and will not be converted to fiat currency.

Tesla's first-quarter financial report showed that the company cut its bitcoin position by 10%, which led to a small increase in earnings for the quarter, adding $101 million. Tesla Chief CFO Zachary Kirkhorn (Zachary Kirkhorn) said in a conference call after the quarterly report that he would continue to invest in Bitcoin.

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