Michael Saylor, co-founder and CEO of Bitcoin-invested MicroStrategy believes it is unwise to pass on the cryptocurrency Dogecoin to descendants.
Saylor compared Dogecoin and Bitcoin with the huge potential of Bitcoin and the big differences between it and the joke currency.
Saylor warns against investing in Dogecoin:
In a recent interview, Michael Saylor touched on Elon Musk’s recent tweets and public endorsement for Dogecoin.
More specifically, Saylor commented on the collective madness surrounding the “meme” coin, its high prices, and the association of names of many famous people with it.
Saylor, a big supporter of the groundbreaking digital asset Bitcoin, explained why so many investors and also people without much experience are jumping into volatile cryptocurrencies like DOGE.
He believed that the economic situation at the present time is very unstable and that investors have lost confidence in traditional strategies, money, bonds, treasury and so on.
This, combined with people searching for quick profits instead of waiting for years, changed their view of interacting with cryptocurrencies such as “Dogecoin”.
The CEO of MicroStrategy warned people to be very careful when investing in meme.
He concluded that the primary cryptocurrency (Bitcoin) is the digital asset “for the next hundred years” and wiser investors tend to deal with it.
In contrast, the role of the digital currency DOGE is considered temporary, and today’s investors do not want to leave it for future generations, as he was told in this regard by saying:
I don’t think you will want to leave “DOGECOIN” to your grandson or granddaughter.
Dogecoin is useful in some way:
Despite Michael Saylor’s generally unfavorable opinion about Dogecoin, he also outlined some of its benefits.
According to him, the complete obsession with “Dogecoin” is beneficial to the cryptocurrency industry in some way because it generates immense awareness and enthusiasm among strangers about cryptocurrencies.
Saylor mentioned that because of cryptocurrencies such as Dogecoin, more than three million people have joined the crypto market and opened accounts.
The CEO of MicroStrategy also emphasized the enjoyable part of investing in “Dogecoin,” as Saylor believes that many young participants in the cryptocurrency industry are interacting with “Dogecoin” as entertainment, and stated:
“DOGECOIN” is like a boxing match or a basketball game.
He went further, saying that setting aside money for “Dogecoin” is like buying a lottery ticket, a fun activity you can do if you are bored on a Saturday night with a chance to make some money.
These statements were made by “Saylor” before Binance listed the “SHIB” coin this morning.
Saylor will certainly feel more distressed about the increase in the number of meme coins in the market and the momentum accompanying them.