After Pumping This Crypto Coin, Elon Musk Issues Warning

It is now fairly well known that Elon Musk turned a literal joke in to a booming crypto currency. Elon joked about Dogecoin and millions of people bought it.

Be warned: Elon Musk has made some mildly critical statements about Dogecoin today. In an interview he agreed that there is one main weakness in Doge compared to Bitcoin. Bitcoin keeps the number of coins in circulation flat (they dont make more coins so each coin is more valuable). Doge keeps creating more and more coins. This obviously dilutes the value of the coins that are in circulation.

In this interview Musk warns about Dogecoin:

As of 5/7/2021 4:12 Mountain Time Dogecoin is still surging strong around .68 cents a coin. But if Musk can make a crypto surge can he make it fail too?

What are the broader ramifications of Elon Musk’s tweets? There is a movement among government officials to examine whether or not his market moving tweets are interference with stocks.

For many years Warren Buffet attempted to make his trades through Berkshire Hathaway private for a discreet period. He had a very similar effect on markets. He was not successful in lobbying the SEC. We will see what happens with the SEC and Elon Musk.