Elon Musk, richer than God and therefore a trusted source of investment advice for mortals, has now pivoted to offer sober advice on the dangers of memes. It provides previously unshared information: Doge’s only tangible value is the hype, and HODLers can achieve price discovery and realize that they bet on the durability of a meme and sell sell sell! Oh. Either way, it’s a bit of plausible deniability for when he shows up in a Shiba Inu costume on Saturday Night Live tomorrow, which means buy buy buy!
Last month, the little scoundrel tweeted:
SNL May 8
Last night Musk seemed a bit more concerned that he needed to protect himself, Tweeter: “Cryptocurrency is promising, but please invest with caution!” (In the days after the first tweet, Doge was up 94%.)
But, in typical Musk fashion, he linked a TMZ video of a warning, wink. (embedded below) Is this a warning? It is. Where is it? Here is an approximate play by play:
It starts in the danger zone:
TMZ: “Elon, do you think Dogecoin could be the next currency in the world?”
Musk: “Well there is currently an attraction to say what do you want? “
TMZ: “I want it to go, I’m in, I’m in.”
Musk: “Okay, so I think that should be the will of the people, you know?”
The cogs are turning:
TMZ: “Well, is there a problem because there is a … because it’s not like Bitcoin with a limited number of coins, and it can just grow endlessly? , do you think that takes away the value of the coin?
Musk: “Uh … yeah, that’s right” [laughs]. “People shouldn’t be investing their savings in cryptocurrency, to be clear. I think it is not wise.
Somewhere the heart of a lawyer flatters:
Musk: “But if you kind of want to, you know, speculate, and kinda like, I don’t know, maybe have some fun?” There is a good chance that crypto will be Earth’s future currency. And then it’s like, well which one is it going to be? And maybe it will be multiple.
Musk: “But he should be considered speculation at this point. Don’t go too far on the crypto speculation part. “
🚨🚨 TO WRAP UP 🚨🚨:
Musk: “The point is, Dogecoin was invented as a joke, basically to make fun of cryptocurrency. And that’s why – I think there is like an argument, how fate likes irony. The most entertaining result is: what would be the most ironic result? That money invented as a joke actually becomes real money. [Shrugs]
TMZ: “Absolutely, on the moon!”
Musk: “To the moon!”
Voice behind the camera screaming: “My Dogecoin has gone up because you tweeted!” You’re amazing!”
Musk slips into a jet black Tesla.
Male in crowd: “What do you think of Elon, one more tweet?”
Musk: “Uh – well, like I said, don’t take too much crypto risk!”
What a roller coaster. Doge rose about 10% at dawn hours.
Today, Bloomberg reported on cryptocurrency analysts who tire of this dance, which they perceive as trivializing blockchain technology and offering unsuspecting investors an outlet for risk. Especially if, as BKCoin Capital founding director Kevin Kang suggested, the big investors give up just before the SNL appearance.
SNL the cast members also voiced thinly veiled disgust about joking with an insanely rich shit mixer that illegally tweeted anti-union post, based on NLRB finding that Musk’s tweet threatened employees and whose company unlawfully dismissed an organizer for attempting to unionize after continued reports of unsafe working conditions at its factories. SNLThe cast members all chose to play with him.
Will he exercise his right to remain silent? 53 million followers are waiting for you.