Elon Musk Warns Investors About Cryptocurrency

Tesla CEO Elon Musk has warned investors not to spend all their life savings on cryptocurrency. He stated that while cryptocurrency could be the future currency of the earth, it should be considered a speculation.

Tesla and SpaceX’s founder, Elon Musk, is a well-known Bitcoin and Dogecoin advocate. However, he has revealed concerns about cryptocurrency. A video dated February 7, a day before Tesla announced its bitcoin investment has been discovered, in which the 49-year-old billionaire gave cautious advice to crypto investors.

According to ABC, Musk was on his way to get dinner with his wife and son in West Hollywood when his fans asked him for autographs, asking questions about the cryptocurrency market.

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"People should not invest their life savings in cryptocurrency, to be clear -- that's unwise," Musk said. "There's a good chance that crypto is the future currency of Earth, and it's like which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point. So don't go too far with the crypto speculation front," Musk added.

On Monday, the Tesla CEO in a tweet wrote that he supports major Dogecoin holders selling their coins.

"If major Dogecoin holders sell most of their coins, it will get my full support," the Tesla CEO tweeted. "Too much concentration is the only real issue."

The meme-based cryptocurrency is now the 13th-largest cryptocurrency with a market cap of around $7.2 billion, according to data from Bloomberg.