Unlike bitcoin, which is technologically sophisticated and has scarcity built into its creation process, dogecoin was first made as a joke, with its creator saying the process took him only three hours. In addition to lacking the scarcity of bitcoin, meaning that an unlimited amount of dogecoin could be made, it is also less secure.
Other experts have also warned investors to be especially cautious when investing in dogecoin and to only buy as much as they can afford to lose.
"You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN and CNBC contributor, previously told CNBC Make It. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up."
But O'Leary isn't anti-crypto by any means, telling CNBC Make It that his team has "done a deep dive into crypto and we see a value there in certain aspects of the market." He says that 10% of his operating company's holdings are made up of digital tokens including USD C, bitcoin and ether.
New CNBC series Money Court featuring Kevin O'Leary premieres Wednesday, August 11th at 10P ET.
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Don't miss: Here's how much money you'd have if you invested $1,000 in bitcoin 1, 5 and 10 years ago
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Here's how much money you'd have if you invested $1,000 in bitcoin 1, 5 and 10 years ago
Source : https://www.cnbc.com/2021/07/29/kevin-oleary-dogecoin-is-pure-speculation-with-no-inherent-value.html322