Musk's cryptocurrency alert: BTC and DOGE are highly volatile and risky!
Prices go up and down like a roller coaster:
Musk said that the price of cryptocurrency is so volatile, BTC and DOGE go up and down, and making a lot of money may turn into a big loss in the blink of an eye, and the risk is very high.
The market is easily manipulated:
The cryptocurrency market is unregulated and easy to get out of control. Unlike the stock market, the price here can change at any time. A celebrity's words can make the price go up. Musk himself has tried it. Once he tweets, the market will follow.
Musk said that most cryptocurrencies have no real value. It's just that everyone is guessing that the price goes up and down. This kind of worthless currency is more likely to bubble.
Unclear supervision and policy changes:
Regulation of cryptocurrency is not certain, and it is different in different places. Musk said that supervision may come at any time, and the market must be careful. If the government wants to be strict, cryptocurrency will have a hard time.
What is the impact on BTC and DOGE?
Prices are more unstable: Musk's words shake the market. His words this time may cause BTC and DOGE prices to fluctuate even more.
Retail investors should be more careful:
Whether you are a novice or an old hand, you should listen to Musk and invest carefully. After he said this, everyone may have to recalculate whether to invest or not, and how much to invest.
Musk has a complicated relationship with cryptocurrency:
Musk likes Dogecoin, saying it is "the people's cryptocurrency". The price goes up as soon as he tweets. But he is not so friendly to Bitcoin, saying that mining consumes too much electricity and is not environmentally friendly, and Tesla will not accept Bitcoin.
What do experts think of Musk's warning?
Analysts think he is right: the cryptocurrency industry is risky, especially for novices, so you have to be careful. Musk's warning is to remind everyone to invest carefully.
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