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    Home»News»Elon Musk Warns Against Betting Big on Dogecoin
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    Elon Musk Warns Against Betting Big on Dogecoin

    Anietie DavidBy Anietie DavidMay 24, 2023Updated:May 24, 2023No Comments2 Mins Read
    Elon Musk Warns Against Betting Big on Dogecoin
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    Elon Musk, while acknowledging the humor and canine appeal of Dogecoin (DOGE), advises against heavily relying on it. The influential Tesla CEO’s tweets and actions have significantly impacted the value of Dogecoin and similar meme coins. However, during the Wall Street Journal’s CEO Council Summit, Musk cautioned against making big bets on Dogecoin.

    In his statement, the entrepreneur emphasized that he does not recommend purchasing cryptocurrencies or staking significant assets on Dogecoin or any similar ventures. Nevertheless, Dogecoin remains his preferred cryptocurrency due to its exceptional humor and association with dogs.

    Elon Musk just gave his current views on crypto on an interview with WSJ

    “Dogecoin is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo

    — Sir Doge of the Coin ⚔️ (@dogeofficialceo) May 23, 2023

    Musk’s words aim to provide clarity to investors who often impulsively invest in crypto and non-fungible token (NFT) projects. Many projects, particularly meme coins, rely heavily on hype and may eventually lose their appeal over time.

    Historically, Elon Musk’s mentions of Dogecoin have prompted significant price fluctuations. However, in the current scenario, DOGE’s value is moving in correlation with the broader cryptocurrency market. At the time of writing, the coin is being traded at $0.071, representing a decrease of approximately 2.59% within the past 24 hours.

    Elon Musk Against OpenAi Making Profits

    Elon Musk has raised concerns about the legality of OpenAI, the company responsible for ChatGPT, transforming into a for-profit enterprise following his investment of approximately $50 million.

    During Tesla’s annual shareholder meeting on May 16, Musk spoke with CNBC and asserted that he was the one who conceived the name “OpenAI,” with the intention of establishing the company as an open-source alternative to DeepMind after its acquisition by Google in 2014.

    OpenAI was created as an open source (which is why I named it “Open” AI), non-profit company to serve as a counterweight to Google, but now it has become a closed source, maximum-profit company effectively controlled by Microsoft.

    Not what I intended at all.

    — Elon Musk (@elonmusk) February 17, 2023

    Musk drew a comparison between OpenAI’s transition from nonprofit to for-profit and an organization dedicated to “saving the Amazon” transforming into a logging company that sells trees from the rainforest.

    OpenAI initially adopted the nonprofit model to prioritize its mission of advancing “digital intelligence in a manner that would benefit humanity as a whole,” free from the constraints of financial returns. However, in 2019, OpenAI announced the creation of OpenAI LP, described as a “hybrid of a for-profit and nonprofit” or a “capped-profit” company, purportedly still governed by the nonprofit entity.

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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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