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Elon Musk compares meme coin investments to casino gambling
On a recent podcast with Joe Rogan, Elon Musk compared investing in meme coins to gambling at a casino.
Elon Musk’s comments and announcements on different subjects have always captured public attention. When talking about meme coins, Musk found Fool Theory patterns which suggest that people buy overpriced assets, betting that someone else (a “greater fool”) will pay even more for them. But when the hype fades, prices crash, and those left holding the bag can suffer massive losses.
Musk said:
“It’s like a casino or something like that. And then people just stick to the Greater Fool Theory, like musical chairs, and the one who sits last loses.”
Musk’s comments sparked debate in the crypto community. Some agreed with his point of view, while others felt he was oversimplifying things. Rogan also shared his concerns, questioning why people keep putting real money into such risky bets.
Despite this warning, Musk had previously shown strong support for Dogecoin, a meme-inspired cryptocurrency that started as a joke in 2013. It later became popular for online tipping and donations. Moreover, he often humorously promoted Dogecoin, and even a government initiative he created, the Department of Government Efficiency (DOGE), shares its name with the coin.
So, while Musk warns against meme coin speculation, his history with Dogecoin shows he’s had some fun with it too
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