Elon Musk at it again
As a long term investor I have never understood the obsession with cryptocurrencies.
They have no intrinsic or tangible value like gold or property and no option to generate an income or dividend. It seems bizarre to me that people would buy such volatile ‘things’. They create a price from the supposed limit of coins but the supply can be infinite as they are computer generated. And now Dogecoin, a cryptocurrency which started off as a joke, has jumped in value by 50% after inventor Elon Musk dubbed it “the people’s crypto”.
Dogecoin was created by a pair of software workers as a joke. It’s Ok for Elon Musk as he has plenty of money to lose but this is an irresponsible statement to make as it has clearly encouraged lots of people to buy into it.
It’s not all Elon’s fault as he had no idea that people would take his innocent statement as a ‘recommendation’.
The moral I think is that people should only invest in anything when they understand what they’re doing.
Get educated and learn a little before you risk any hard earned cash – unless you have mega millions to lose like Elon!