Billionaire Musk Says 'Hold Up' On Investing All-In On Dogecoin

Despite being a high-profile and consistent supporter of the popular meme cryptocurrency Dogecoin (CRYPTO: DOGE), Tesla CEO Elon Musk made it clear he is not recommending people plunge headlong into it or any other form of digital currency.

Musk expressed caution about cryptocurrency investments during his digital appearance at The Wall Street Journal's CEO Council Summit in London.

"I am not promoting the idea of purchasing digital currencies or betting one's financial future on Dogecoin," he said.

Musk made headlines several times for his love of Dogecoin, including making it a point of discussion on Saturday Night Live, securing some for his offspring and even suggesting a partnership with its creators to boost its potential for more widespread use.

After recently acquiring Twitter, he temporarily morphed the Twitter emblem into a Dogecoin symbol.

During the summit, he also delved into his particular fondness for Dogecoin.

He declared, "I hold Dogecoin in high regard as my top choice of cryptocurrency, mainly because it is fun, and dogs are involved."

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Changpeng "CZ" Zhao, the head of Binance (CRYPTO: BNB), was surprised last week that Dogecoin was still in play, hinting that Musk's influence might have aided in extending the digital currency's lifespan.

Musk's prudent approach might stem from his considerable impact on financial markets.

He faced repercussions in 2018 when a jest about Tesla's stock price relating to marijuana inadvertently boosted its value by 6%, resulting in a $20 million fine imposed by the U.S. Securities and Exchange Commission.

Introduced in late 2013, Dogecoin is often credited as the original joke cryptocurrency, serving as a lighthearted amusement and speculation tool.

With Dogecoin's popularity on the rise — it now has a market value of over $10 billion and each coin is valued at around seven cents — Musk's active participation in the Dogecoin phenomenon has not gone unnoticed, with him being styled as the "Dogefather."

Any Musk update related to his pet or Dogecoin tended to surge the crypto's market cap.

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