Elon Musk, CEO of Tesla and one of the richest men in the world, is a strong supporter of the meme cryptocurrency Dogecoin (DOGE), preferring it to Bitcoin (BTC) and Ethereum (ETH).
This connection has remained a mystery to many, and now, during his speech at the Wall Street Journal's CEO Council Summit, Musk revealed why Dogecoin is considered his favorite in the world of cryptocurrencies.
According to the Finbold website, Musk said that his love for Dogecoin is due to its humorous nature rather than the token's prospects in the cryptocurrency market.
However, despite his commitment to the token, Musk made it clear that he's not advising anyone to invest in cryptocurrencies.
"I'm not advising anyone to buy a crypto or bet the farm on Dogecoin or anything like that. Maybe you should, but let me advise you that would be perhaps unwise. Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs," Musk said.
It is worth noting that Musk has long been a fan of Dogecoin and supports the token in every way possible. He has promoted the DOGE token on platforms such as Saturday Night Live, purchased it for his son, offered to work with developers, and temporarily changed his Twitter logo to an image of Dogecoin.
Many experts and influencers in the cryptocurrency world believe that Musk's role in Dogecoin's viability is simply huge. The head of Binance, Changpeng Zhao, suggests that Dogecoin did not disappear thanks to Elon Musk alone.
Moreover, the crypto sector is increasingly talking about Dogecoin finding a new role in the Twitter ecosystem after Musk announced a new financial system for the social media platform.
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