Serial meme poster Elon Musk has taken to Twitter to share some of the worst advice you could possibly give to cryptocurrency investors.
In response to a sanctimonious tweet about risk management posted by Dogecoin co-founder Billy Markus, Musk jokingly recommended his followers to do the exact opposite: believe everything they see on the internet and put the blame on others.
- Everything on the Internet is true!
- Externalize responsibility!
- If you are able to do this, buy crypto!— Elon Musk (@elonmusk) November 1, 2021Morning Crypto Report: XRP and $1.69 Trillion Franklin Templeton, Coinbase Reveals Key Data for SHIB Holders, Bitcoin Prints 7,149% Liquidation ImbalanceRipple Executive Reacts to BlackRock’s First Abu Dhabi Board MeetingStrategy (MSTR) Having Second-Worst Month Since Buying BitcoinMorning Crypto Report: Dogecoin and SHIB 'Santa Rally' Ready? XRP May Hit $5 Thanks to ETF Launch, Bitcoin Bulls Win Back $37 Million
The not-so-sound advice came after a dubious cryptocurrency inspired by the hit "Squid Game" series collapsed to zero earlier today. Its founders pulled off an obvious exit scam and ran away with $2.1 million worth of victims' money. Notably, the cryptocurrency gained widespread mainstream coverage from major mainstream media outlets, including BBC, before the implosion happened.
After relentlessly shilling Dogecoin in early 2021, Musk was then attacked by the cryptocurrency's holders after its price action went south.
The original meme coin is still down a whopping 63% from its all-time peak.
In October, U.S. Securities and Exchange Commissioner Hester Peirce warned crypto buyers that celebrities who tout their favorite coins won't bail holders out.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team