Dogecoin Co-Creator Warns Taking Out Loans To Buy Volatile Speculative Assets Is ‘Absolutely Bonkers’


Dogecoin (CRYPTO: DOGE) co-creator Billy Markus has warned that taking out loans to buy volatile speculative assets such as cryptocurrencies and so-called stonks is “absolutely bonkers.”

What Happened: Markus, who goes by the username Shibetoshi Nakamoto on Twitter, said he wasn’t giving financial advice, as adults are “free to do whatever they really want to do.”

See also: How to Buy Dogecoin (DOGE)

Markus added that he was excited about the reduction of transaction fees in the upcoming Dogecoin release.

See Also: Doge Car Returns To NASCAR: How To Get Merchandise And Bet On The Car To Win

Why It Matters: Investors have piled into Dogecoin, Bitcoin (CRYPTO: BTC) and other cryptocurrencies as flight-to-safety investments, anticipating that the growth in the global money supply since the beginning of last year will eventually lead to hyperinflation in fiat currencies.

Meanwhile, shares of stonks, or stocks that are favored by retail investors, are also seeing extreme volatility in recent days as investors pile into these stocks and attempt a new short squeeze.

Ahead of his appearance on “Saturday Night Live” last month, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk had urged investors not to invest their life savings in cryptocurrencies.

Musk is a major supporter of Dogecoin and his tweets related to the meme coin sometimes have an overwhelming impact on the price of the meme cryptocurrency.

Amid Musk’s Dogecoin endorsements, the U.S. Securities and Exchange Commission cautioned investors last month not to make investment decisions just because an investment has been recommended by “someone famous.”

Price Action: Dogecoin is down more than 4% during the last 24 hours, trading at $0.3011 at press time.





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