Elon Musk, the founder of Tesla and SpaceX, advised those considering investing in cryptocurrency to exercise caution and avoid losing their entire life savings.
Musk's cautionary note comes despite his relentless promotion of cryptocurrencies, which he believes would become the world's default currency in the future.
“Most importantly, I disagree that individuals can place as long as they can remember reserve funds into digital currency. To be sure, I don't think that's a good idea,” Musk said in a TMZ video.
"Cryptocurrency is promising, but please invest with caution," Tesla CEO Elon Musk said on Twitter on May 7, after sharing a link to the TMZ video on his official social media account.
The value of Bitcoin and Dogecoin has increased as a result of Musk's tweets about cryptocurrencies. In the video, Musk said of the latter, " "The argument is that dogecoin was created as a prank, primarily to mock cryptocurrency.”
He did add, however, that fate is ironic, and Dogecoin may end up being the most popular cryptocurrency despite being launched as a "joke."
Musk also said that cryptocurrency has the potential to achieve widespread global acceptance in the future. "On the off chance that you need to conjecture and perhaps have a great time, I mean, there's a decent possibility that crypto will be the world's future money," he said.
Tesla Inc. sold 10% of its Bitcoin shares last month, demonstrating the cryptocurrency's liquidity, according to Musk. He did clarify, however, that he did not sell any of his own Bitcoin.
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