Tesla and SpaceX CEO Elon Musk compared investments in meme coins to casino games on Friday, warning investors against pouring their life savings into such assets.
What happened: During a chat with Joe Rogan on the popular “The Joe Rogan Experience” show, Musk said, “It’s like a casino or something. And then people just do the greater fool theory and like musical chairs, and whoever is the last to sit down loses type of thing.”
Musk stated that expecting to win at the casino is foolish, and so is the case with meme coins.
“You’re not gonna win at meme coins,” Musk emphasized. “Don’t sink your life savings into a meme coin.”
Musk used a popular idiom to drive home the point, saying, “Don’t bet the farm on meme coins.”
See Also: SEC Closes Investigation Against Crypto Exchange Gemini, Says Cameron Winklevoss: ‘Another Milestone To The End Of The War On Crypto’
Why It Matters: Musk has been an avid supporter of Dogecoin DOGE/USD, and his social media posts have routinely sent the dog-themed cryptocurrency rallying.
In fact, the acronym for the Department of Government Efficiency, a federal government initiative created by the tech mogul, is based on Dogecoin.
Musk’s views echoed those of billionaire investor Mark Cuban, who previously criticized meme coins as a ‘hustle’ and likened them to a game of musical chairs.
More recently, the SEC clarified that meme coins do not fall under federal securities laws, but fraudulent activities involving these coins could still face legal consequences.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.2278, up 10.14% in the last 24 hours, according to data from Benzinga Pro.
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