Elon Musk Issued A Stark Crypto Warning After $2 Trillion Bitcoin, Ethereum And Crypto Price Crash

Bitcoin BTC , ethereum and the wider crypto market have suffered an almighty crash since peaking at a combined value of around $3 trillion in late 2021, wiping away $2 trillion of value (bitcoin braces for a 3 billion user shock”>even as bitcoin braces for a 3 billion user shock).

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price, which crashed to around $16,000 per bitcoin in the aftermath of the FTX crypto exchange meltdown last year, has rebounded this year, sparking a wave of bullish bitcoin price predictions.

Now, Elon Musk, who helped fan the flames of the huge 2021 bitcoin and crypto bull run, has said he wouldn’t advise “anyone to buy crypto”—despite Wall Street giant Goldman Sachs and Microsoft backing a new blockchain.

It’s at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

Tesla billionaire and Twitter owner Elon Musk helped the bitcoin price so soar over the last few … [+] years, boosting the price of ethereum and the meme-based dogecoin.

Anadolu Agency via Getty Images

“I’m not advising anyone to buy crypto or bet the farm on dogecoin,” Musk said during a virtual appearance at the Wall Street Journal’s CEO Council Summit in London. “Maybe you should, but let me advise you that would be perhaps unwise.”

However, Musk added that dogecoin, a bitcoin-like cryptocurrency that was originally created as a “joke,” is still his favorite cryptocurrency because it has “the best humor” and “it has dogs.”

In April, Musk followed through with a promise he made before buying Twitter, changing its logo to that of dogecoin’s shiba inu dog breed, giving the dogecoin price a short-lived 20% bump.

Dogecoin has crashed back even harder than bitcoin and ethereum since hitting its all-time high price, currently down around 90% compared to bitcoin’s and ethereum’s 60% price declines. The dogecoin price peaked the day before Musk’s appearance on U.S. comedy show Saturday Night Live in 2021 as dogecoin mania reached fever pitch.

The dogecoin price has crashed back following its 2021 surge but remains far higher than were it was … [+] before its price explosion. Bitcoin, ethereum and the wider crypto market have also crash back.

Forbes Digital Assets

Musk has significantly toned down the amount of time he spends tweeting about cryptocurrencies since the crypto mania of 2021 but has offered some scant support to dogecoin after saying he early 2021 he wanted to help with upgrades that could turn it into the currency of Earth and help it “beat bitcoin hands down.”

SpaceX, Musk’s rocket company, has allowed people to buy merchandise with dogecoin. Tesla TSLA , Musk’s electric car company, holds just over 10,000 bitcoin worth around $300 million at the current bitcoin price, after offloading the majority of its bitcoin investment last year.

Source: https://www.forbes.com/sites/digital-assets/2023/05/25/elon-musk-issued-a-stark-crypto-warning-after-2-trillion-bitcoin-ethereum-and-crypto-price-crash/

Bitcoin newsWhy Bitcoin, Ethereum, and Litecoin Are Falling Today

Bitcoin newsBitcoin reaches ‘decision point’ — 4 BTC price metrics to watch