Elon Musk Advises Caution for Cryptocurrency Investors

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In Brief
  • Elon Musk says that while cryptocurrency is promising, people should invest with caution.

  • He deems people investing their life savings in crypto to be "unwise".

  • Musk indicates that Dogecoin's position as the future currency of the world is down to the will of the people.

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Tesla and SpaceX CEO Elon Musk has emphasized the need for caution when it comes to investing in cryptocurrency.

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In a video produced by TMZ, Musk advised people not to invest their life savings in cryptocurrency, deeming it “unwise.” The entrepreneur, who has gained notoriety in the last few weeks for driving up the price of dogecoin (DOGE) with his social media activity, said that there is a “good chance crypto is the future currency of earth”. However, he made it clear that all cryptocurrency investments should be “considered speculation at this point.”

“Don’t go too far on the crypto speculation front,” he added.

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When this video made it to YouTube, Musk tweeted a link to it. In doing so, reinforcing his views on being careful with crypto. The caption read “cryptocurrency is promising, but please invest with caution!”

Elon Musk and dogecoin

The Tesla CEO has made no secret of his love for DOGE. It has been at the forefront of his Tweets for more than a month. Including those relating to his upcoming appearance on Saturday Night Live. DOGE, which entered the cryptocurrency space as a parody in 2013, has smashed a series of its own records this year. And its rapid growth has been attributed mainly to Elon Musk’s tweets. One of his latest arguably helped the altcoin hit its next all-time high on the morning of May 8. DOGE hit a price of $0.73, and has been surfing above the $0.70 mark ever since. 

DOGE is currently ranked the fourth most valuable cryptocurrency according to market cap.

A small segment of the TMZ video saw Musk discuss DOGE. Fully aware that it was created as a joke, “essentially to make fun of cryptocurrency,” he nevertheless believes there is an argument that “fate loves irony […] The currency that was invented as a joke becomes the real currency.”

When asked if he believed DOGE could be “the next currency for the world,” Musk indicated it was down to the will of the people. 

As Musk prepares to host Saturday Night Live tonight, he issued a tweet with a photo of himself and his guest stars. This included the DOGE Shiba-Inu mascot, alongside Miley Cyrus. Musk will be the first non-entertainer and non-athlete to host the comedy showcase program since Donald Trump presented it in 2015.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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