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 (even as bitcoin braces for a 3 billion user shock).

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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.

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“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.

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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.

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