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.
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.
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.