‘The Dogefather’ Elon Musk cautions on crypto investments

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Self-proclaimed “Dogefather” Elon Musk has cautioned against investing in cryptocurrencies with reckless abandon.

In a report cited by USA Today, the Tesla and SpaceX Chief Executive Officer (CEO) took to Twitter last Friday to say, “Cryptocurrency is promising, but please invest with caution!”

Musk’s tweet came as a surprise and it looked like he is pumping the breaks as far as crypto investment is concerned, considering that he has promoted the benefits of investing in cryptocurrencies such as Dogecoin (DOGE) on numerous occasions. This even prompted some investors to hop on the bandwagon.

Not the first time for Musk

This wasn’t the first time that Musk has urged people to be careful along this line.

Last February, speaking at TMZ, he said, “People should not invest their life savings in cryptocurrency. That’s unwise.” But he was quick to also say that if the goal is to speculate and maybe to have some fun, there is a chance that crypto can become “the future currency of Earth.”

This remark followed the move of Tesla to invest $1.5 billion in Bitcoin (BTC).

Musk’s previous comments regarding crypto have been related to Dogecoin (DOGE) which was once considered as a joke but has now seen multiple surges in its value since its inception back in 2013.

Musk on SNL

The Tesla CEO made the surprising reminder while he was on a break from preparations for his much-anticipated hosting of Saturday Night Live (SNL).

A legion of Musk’s followers is expecting that in this event, he will make key remarks about Dogecoin and cryptocurrencies especially after proclaiming himself “The Dogefather.”

As far as this is concerned, Musk has also clarified that he hasn’t sold any of his Bitcoin holdings after Tesla confirmed selling some of its stash of the digital currency to prove its liquidity.

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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