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Barefoot Investor mocks Dogecoin as a 'worthless magical dog meme' as cryptocurrency soars

The Barefoot Investor has warned his herd of followers to steer clear of the latest 'worthless' cryptocurrency craze Dogecoin.

Dogecoin was created as a 'joke' by its Australian founders several years ago but thanks to Elon Musk throwing his support behind the digital currency, its value has skyrocketed in recent months.

Inspired by the 'doge' meme of a Shiba Inu dog breed, the digital currency is now worth US60c per coin.

Australian financial advisor Scott Pape in response sent an email to his subscribers airing his very blunt opinion on the latest crypto craze.

Barefoot Investor Scott Pape sent an honest email to his followers urging them to steer clear of the 'worthless' currency

'The best-performing cryptocurrency stretching back six years — the top dog — is Dogecoin,' he wrote.

'Remember, Dogecoin was set up as a 'p**s-take' by its Aussie founder. It has zero tangible value. It is worthless.'

He admitted to feeling like a 'chump' because its value has risen so swiftly but claimed he didn't feel like he was missing out and likened the currency to poker machines. 

'So do I feel a twinge of regret for not getting in? No,' he wrote.

'For much the same reason that I've never contemplated putting 1 per cent of my net worth into the pokies (''Just in case, you know, I win the jackpot''). 

'Life is really hard when you believe you can make a quick buck from magical dog memes. It's stressful being a gambler.

'There is no skill involved, and the odds are stacked against you.' 

Dogecoin which is inspired by the 'doge' meme of a Shiba Inu dog breed, is now worth a staggering 60 US cents per coin

Mr Pape said to profit from Dogecoin, you had to sell it - and 'every man and his dog' would trying to sell out of the digital currency when its value peaked.

'If you're persuaded to sell your boring index funds and lay down with dogs, I can almost guarantee you'll eventually end up with financial fleas,' he wrote.

Dogecoin was first launched in 2013 by Australian software engineers Billy Markus and Jackson Palmer to make fun of other cryptocurrencies like Bitcoin.

But thanks to the public backing of Tesla founder Mr Musk who regularly tweets about Dogecoin, the currency reached record highs.

With Mr Musk set to host this weekend's Saturday Night Live episode, its value rose even more over the past few days.

Another notable feature is unlike Bitcoin, which is capped at 21 million coins, there's no limit on Dogecoin currency. 

The market value of the currency is now reportedly worth $100billion, with even rapper Snoop Dogg in support.

Dogecoin was created as a 'joke' by its Australian founders several years ago but thanks to billionaire Elon Musk throwing his support behind the digital currency, it's value has skyrocketed in recent months

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