Musk warns on cryptocurrency surge: 'Invest with caution!'

Musk warns on cryptocurrency surge: 'Invest with caution!'
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Tesla and SpaceX CEO Elon MuskElon Reeve MuskOn The Money: House Democrats line up .5T in spending without budget | GOP takes aim at IRS | House Democrat mulls wealth tax What will Elon Musk and Richard Branson do about Jeff Bezos flying into space? Republicans open new line of attack on IRS MORE, who often touts investing in cryptocurrencies, on Friday warned investors to "invest with caution."

Musk, who has recently pushed the benefits of cryptocurrencies like Dogecoin, penned his message on Twitter.

"Cryptocurrency is promising, but please invest with caution!" he wrote.


Cryptocurrencies have evoked a mixed response from investing experts, with some saying that they will eventually take over cash and others dismissing them as worthless and certain to crash.

The Tesla CEO has previously made comments on cryptocurrency encouraging his internet fans to invest. According to USA Today, most of his remarks have been related to Dogecoin, which was created as a joke but has increased in value to 64 cents from a fraction of a cent this year.

Musk has been credited by many for the recent surge.


And Friday was not the first time he warned investors about the cryptocurrency's volatility.

In a February interview with TMZ, he warned against people investing their life's savings into cryptocurrency.

"That's unwise," he said at the time. "But if you want to speculate and maybe have some fun ... there's a chance crypto is the future currency of earth."