RBA Governor Phillip Lowe is copping a grilling from the Senate today after 9 consecutive rate rises and what some are calling “dodgy” advice to investors. Not only did the Governor assure people it was a good time to get a home loan but he also recommended they go “all in” on the Dogecoin cryptocurrency in 2021 to hedge their bets.
Hanging his head in shame, Phillip conceded that he just “didn’t know” Dogecoin was going to die so majestically in the arse. Gently sobbing he said he “felt” for all the investors who went out and got a mortgage and went hard on Dogecoin based on his advice.
At the time Dogecoin was sitting at an all-time high of $0.73 in May 2021. This is when Phillip got excited. Promising investors that while rates wouldn’t rise nothing was stopping the meteoric rise of the mighty Dogecoin – to the fkn moon, in his words. This advice turned out to be a bit shit as the coin now sits at a pathetic $0.12.
Although remorseful, Phillip didn’t miss a chance to urge the Senate to “buy the dip”, claiming that there had to be a limit to both inflation and the Crypto crash. A source close to the Governor told The Times,
“Deep down I don’t think he is very sorry about any of the advice he gave. He knows he’s in the spotlight and telling people to double down on a memecoin might look shithouse but he truly believes you should buy the dip. Diamond hands, HODL, ape together strong and all that”
We spoke to a first home buyer who is currently struggling to meet their repayments in the face of the interest rates hike. He also is a solid 2000% in the red over his crypto portfolio. He told The Times,
“As soon as the Governor assured us it was a good time to go balls deep in Dogecoin we did just that. My entire portfolio was already in the red so I thought this was my chance to get a win. Phillip was so sure of it. Told me to enjoy being broke if I didn’t have the balls to go full degen”
The Senate grilling continues, although some were seen accessing Binance during a short break. Perhaps they know something we don’t about the mighty Dogecoin?
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