Elon Musk Issued A Stark Crypto Warning After $2 Trillion Bitcoin, Ethereum And Crypto Price Crash

Bitcoin
BTC
Ethereum and the broader crypto market have taken a big drop since hitting a combined peak value of around $3 trillion in late 2021, wiping out $2 trillion of value (even as bitcoin braces for a 3 billion user shock).

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The bitcoin price, which plunged to around $16,000 per bitcoin after the crash of crypto exchange FTX last year, has rebounded this year. sparking a wave of bullish bitcoin price predictions.

Now, Elon Musk, who helped fan the flames of bitcoin and crypto's massive 2021 bull run, has said that he would not advise "anyone to buy crypto":despite Wall Street giant Goldman Sachs and Microsoft backing a new blockchain.

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"I am not advising anyone to buy cryptocurrency or bet the farm on dogecoin," Musk saying during a virtual appearance at the Wall Street JournalLondon CEO Council Summit. "Maybe you should, but let me advise you that it might be reckless."

However, Musk added that dogecoin, a bitcoin-like cryptocurrency that was originally created as a "joke," is still his favorite cryptocurrency because it has "the best humor" and "has dogs."

In April, Musk followed through on a promise he made before buying Twitter, changing its logo to the dogecoin shiba inu dog breed, giving the dogecoin price a brief 20% increase.

Dogecoin has crashed even harder than bitcoin and ethereum since hitting its all-time high price, currently around 90% compared to bitcoin and ethereum's 60% price drops. The price of dogecoin peaked the day before Musk's appearance on the American comedy show Saturday Night Live in 2021 as dogecoin mania reached a fever pitch.

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Musk has significantly decreased the amount of time he spends tweeting about cryptocurrency since the 2021 crypto mania, but has offered scant support for dogecoin after saying that in early 2021 he wanted to help with upgrades that could make it the currency of Earth and help. he "beat bitcoin hands down."

SpaceX, Musk's rocket company, has allowed people to buy merchandise with dogecoin. tesla
TSLA
Musk's electric car company owns just over 10,000 bitcoins worth about $300 million at current bitcoin prices, after offloading most of his bitcoin investment last year.