Elon Musk drops the act, compares meme coins to casinos

Eccentric billionaire Elon Musk recently appeared on The Joe Rogan Experience podcast, joining the eponymous host for a lengthy discussion about politics, investment, SpaceX, and eventually, cryptocurrencies.

Elon Musk states it flatly – meme coins are gambling

Musk has been known to dabble in cryptocurrencies and has famously propped up the value of Dogecoin (DOGE), which he even used to christen the Department of Government Efficiency he is unofficially heading.

However, his latest appearance on The Joe Rogan Experience podcast suggested that the billionaire has come aroundand dropped the antics. Instead of joking about the value of meme coins, he offered something rare – a flat statement on their viability.

"If you expect to win at meme coins, you are being foolish," Musk said. "You are not going to win with meme coins. Don’t sink your life savings into a meme coin," he added. This is a rare admittance by a man who has reveled in the ambiguity he has helped create.

In his own words, throughout the years, there was an obvious meaning to what he was saying and argued that he does not need to decrypt messages such as "who let the DOGE out" as it was apparent he was saying the things he was saying in jest.

He did receive regulatory scrutiny over his involvement in cryptocurrencies, with some watchdogs concerned that he might have been trying to inflate the value of cryptocurrencies, and particularly meme coins. Nothing came out of it.

Believe Elon Musk when he says that meme coins are not good for you

The latest appearance on the episode is a clear sign that there is too much resemblance to "casino" in this type of asset, Musk noted. Regardless of this sobering account, Musk’s association with cryptocurrencies, and especially coins such as Doge, have been known to historically prop up the value of the currency.

Following his appearance on the Joe Rogan Experience podcast, Dogecoin dropped again, albeit slightly, as investors are holding onto the dear token, especially now that the President of the United States, Donald Trump, is also running along with his own "meme coin" project.

His family is also getting involved in cryptocurrencies, albeit many critics have noted that these projects may not be entirely salutary and raise ethical as well as business questions.

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