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Dogecoin: Elon Musk SNL appearance sparks crypto surge but Barefoot Investor has warning

The best-selling Australian financial guru is stuck investing in cryptocurrencies that are skyrocketing behind Elon Musk’s profile.

Well-known as Barefoot Investor, Scott Pap warned his followers considering investing in the bright red cryptocurrency Dogecoin.

Created by Australian Jackson Palmer in 2013 and bearing the logo from the popular meme known as Dogecoin, Dogecoin has recently surged in value to record highs.

This is a phenomenon in which some analysts are refusing to continue public promotion received from Elon Musk, the founder of billionaire Tesla...

Mask, which has more than 53 million Twitter followers, hosted the popular American TV show Saturday Night Live this weekend, and this look, coupled with Mask’s regular tweets about Dogecoin, is skyrocketing in price. ..

Investors who held $ 1000 ($ A1280) in currency on January 1st will have a $ 112,500 ($ 144,500) wallet as of Wednesday night.

That’s incredible growth, but in an email to subscribers at the end of last month, Pape, the author of best-selling financial advice, couldn’t so much emphasize Dogecoin’s refusal to invest.

Dogecoin is the best performing cryptocurrency in the last six years, admitting that it far outperforms Bitcoin, Ethereum, etc. Value is zero. ”

“It’s worthless,” he wrote. “So do I feel the sparkle of regret for not entering? Number.

“For almost the same reason I never thought of putting 1% of my net worth into a slot machine (just in case, I win the jackpot).

“Here’s the point. Life is really hard when you believe you can make quick money from the magic dog meme.

“Being a gambler is stressful. There are no skills involved and the odds are piled up against you.

“Look, you have to sell to make real money. And everyone and his dog are planning to sell out Dogecoin at the top. Each one of them.

“It’s called the’bigger idiot theory'(that is, it wins only if the bigger idiots buy at a higher price), and history is full of people who suddenly discover that they are really idiots. ”

“If you sell a boring index fund and are persuaded to lie down with your dog, I can almost assure you that you will end up with a monetary flea,” Pape said. I added.

After boosting the popularity of Dogecoin for several months Musk also warned investors to be wary of cryptocurrencies prior to their Saturday Night Live debut...

“Cryptocurrencies are promising, but invest carefully!” Tesla’s CEO tweeted early Friday morning.

According to CoinDesk data, a rare investment warning from Musk arises as the price of Dogecoin (a cryptocurrency represented by the Shiba Inu meme) soars to about 60 cents per token.

According to CoinDesk data, it has increased by 10,400% since January 1.

“Dogecoin is skyrocketing because many crypto traders don’t want to miss the topic of Elon Musk’s Saturday Night Live,” Oanda’s senior market analyst Edward Moya said on Tuesday. I will.

— With the New York Post

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