In a video discussing the recent surge in Dogecoin prices, Ben from BitBoy Crypto highlights the risks of investing in the memecoin, particularly the reliance on Elon Musk’s support. He argues that investing in Dogecoin means betting on one man and that there are safer options if investors want to put their money in cryptocurrencies. Nevertheless, Ben acknowledges that Dogecoin has a loyal community and some utility in the crypto space, but it does not fit his investment philosophy or ideals. He advises viewers to be cautious and limit their exposure to Dogecoin in their portfolios.
Welcome to BitBoy Crypto!
My name is Ben. Guys, today, I want to talk about Dogecoin. Now, some of you guys may have caught the Sam Bankman-Fried-Erik Vorhees podcast that was on the Bankless podcast yesterday. I have a ton of thoughts about that. Sam Bankman-Fried is the devil.
My Thoughts on Dogecoin
A lot of people want to know what I think. Because I was the first person to sound the alarm on it. But right now, first and foremost, Dogecoin is pumping to the moon and people want to why! Nobody wants to know why. Everybody wants– everybody knows why.
My Refusal to Invest in Dogecoin
People want to know if it’s going to continue or not. And I made a tweet on– what is that website called? Oh, it’s like the– twitter.com I made a tweet on twitter.com about Dogecoin, where I said, “I don’t care what happens. I’m not buying Dogecoin.”
Of course, we don’t give financial advice on this channel. But, you know, to me, Dogecoin does not fit in my ideals of what I want to be buying in crypto. It just doesn’t. It doesn’t do anything. It’s a memecoin, yada, yada, yada.
Elon Musk’s Influence
But, of course, some of you guys weren’t around back then, but in 200– I think it was July of 2019, the first time that Elon Musk tweeted about Dogecoin saying he was the CEO of DOGE. It was real funny for a couple days. We all laughed.
Counting on One Man
You’re counting on one man. That’s it! You’re counting on one man to deliver this coin to the promised land for you. If it’s not for this one man, if he doesn’t do exactly what you think he’s going to do,
Or if this gigantic $248 billion lawsuit against him on behalf of, you know, some Dogecoin holders or something like that, which is stupid, it’s not going to go anywhere, but if it did, or if there was another lawsuit, or if the SEC came out and investigated him,
That could make him change what he’s doing with Dogecoin. And you have to understand that now that he owns Twitter, integrating Dogecoin for his own personal benefit, maybe something the SEC looks at and goes after.
So the smartest thing you can do if you are going to invest in Dogecoin is to just make it a piece of your portfolio, not the entire piece of your portfolio. I would say, please, please, please don’t have more than 15% of your portfolio in Dogecoin.
My refusal to invest in Dogecoin is based on the fact that I want a more mature philosophy and I don’t want to count on one man to deliver me to the promised land. While Dogecoin may have some utility and a use case, it doesn’t fit into my investment plans. That being said, it’s up to you to decide whether or not to invest in Dogecoin but please be smart about it and don’t put your entire portfolio in it.