He spends his free time sharing internet memes on Twitter. Elon Muskshared with his followers some of the worst advice that can be given to cryptocurrency investors.
dogecoinIn response to an informative tweet about risk management by co-founder David Marcus, Musk jokingly advised his followers to do the opposite: believe everything you see online and blame others for it.
” – Everything on the Internet is real!
– Deny responsibility!
– Buy cryptocurrency if you can!”
– Everything on the Internet is true!
– Externalized responsibility!
– If you are able to do this, buy crypto!— Elon Musk (@elonmusk) November 1, 2021
The not-so-plausible advice came after a questionable cryptocurrency inspired by the popular “Squid Game” series over the past months crashed to zero earlier today. The founders of crypto committed a massive rug pull scam and disappeared with $2.1 million in cash. The aforementioned cryptocurrency had also gained wide mainstream popularity, finding itself in major mainstream media outlets, including the BBC, before the boom took place.
Last week, as reported by U.Today, the billionaire told people to put a lot of hope in cryptocurrencies and explained that he has just a few of them out of curiosity. Musk also distanced himself from the Shiba Inu spree by claiming that he does not own any SHIB tokens.
After relentlessly promoting Dogecoin in early 2021, Musk was attacked by cryptocurrency holders every time the meme coin’s price plummeted.
The original meme coin is still 63 percent below its all-time high; It is trading at $0.27.
It is not known how accurate it is to trust Elon Musk about the fate of the cryptocurrency. Speaking on the matter in October, US Securities and Exchange Commission executive Hester Peirce also warned cryptocurrency investors that celebrities promoting their favorite coins will not cover their losses.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.