Gary Zhou 
Elon Musk may be the de facto face of cryptocurrencies today, thanks to Tesla’s Bitcoin holdings and regular posts about Dogecoin, but the Tesla CEO has given a warning to anyone willing to invest their hard-earned cash in digital currencies. Elon Musk told reporters that people should not put their life savings into cryptocurrencies because there is too much risk involved.
“First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise. But if you want to sort of speculate and maybe have some fun, there is a good chance that crypto is the future currency of Earth. And then, it’s like, which one is it going to be? Maybe it’ll be multiple. But it should be considered speculation at this point. So don’t go too far on the crypto speculation part,” Musk said while signing autographs.
Musk exited and walked towards his Tesla Model S after sharing his thoughts on Dogecoin, emphasizing that fate loves irony and that Dogecoin is an ironic cryptocurrency because it was developed as a joke. Musk gave a final word of advice about Dogecoin and digital currencies while still being questioned by many reporters. “Don’t put too much money into crypto,” he advised.
Musk has sent an alert to crypto investors on his Twitter account to reinforce this point even further. “Cryptocurrency has a lot of potential, but proceed with caution!” TMZ video of Musk’s impromptu interview was shared by Musk.
Musk makes an excellent point, particularly given the extreme volatility of cryptocurrencies. Although major surges are likely, large drops are also possible. Musk is well aware of this, given that Tesla’s stock is one of the most volatile on the market. With this in mind, anyone considering investing a large portion of their assets in cryptocurrencies should exercise caution.
In recent weeks, the Tesla CEO has been in the headlines. Apart from Tesla’s record-breaking Q1 2021 performance and SpaceX’s major Starship achievements, Musk has recently received media attention for his upcoming appearance as a guest host on Saturday Night Live on May 8, 2021.
Watch Elon Musk’s remarks about cryptocurrencies and Dogecoin in the clip below.
