Musk warns on cryptocurrency surge: ‘Invest with caution!’
Tesla and SpaceX CEO Elon Musk, 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.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021
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.”