Since peaking at a combined worth of about $3 trillion in late 2021, bitcoin, ethereum, and the broader crypto market have had a massive decline that has erased $2 trillion in value (even as bitcoin braces for a 3 billion user shock).
Following the collapse of the FTX cryptocurrency exchange last year, the price of bitcoin fell to about $16,000 per coin. However, this year, it has recovered, prompting a wave of bullish predictions for the price of bitcoin.
Elon Musk, who assisted in igniting the massive 2021 bitcoin and cryptocurrency bull run, has now declared that he would not advise “anyone to buy crypto” despite Wall Street behemoth Goldman Sachs and Microsoft supporting a new blockchain.
Musk stated at a virtual appearance at the CEO Council Summit of the Wall Street Journal in London that he is not encouraging anyone to purchase cryptocurrency or stake their entire financial future on dogecoin. Maybe you should, but let him tell us that might not be the best course of action.
Musk said that dogecoin, a cryptocurrency similar to bitcoin that was once developed as a “joke,” is still his preferred cryptocurrency since it has “the best humour” and “it has dogs.”
When Musk changed Twitter’s logo to that of dogecoin’s shiba inu dog breed in April, he kept a promise he made before purchasing the company. This change temporarily increased the price of dogecoin by 20%.
Since reaching its all-time high price, Dogecoin has fallen even more dramatically than bitcoin and ethereum, with a current price drop of about 90% compared to a 60% drop for bitcoin and ethereum. The day before Musk appeared on the American comedy program Saturday Night Live in 2021, the price of dogecoin reached its all-time high as dogecoin enthusiasm reached a fever pitch.
Since the 2021 cryptocurrency boom, Musk has significantly reduced the amount of time he spends tweeting about cryptocurrencies, but he has provided dogecoin with sporadic support after declaring in the early 2021 that he wanted to assist with improvements that could transform it into the world’s currency and help it “beat bitcoin hands down.”
