The boss of Tesla and SpaceX has become famous in recent weeks as perhaps the most famous promoter of cryptocurrencies. He was particularly interested in Dogecoin – the digital currency that started out as a joke but is now worth almost $ 100 billion – calling itself the Dogefather and suggesting that it could one day be used as real currency.
In a new tweet, however, he advised people to be careful when investing in digital currencies.
He also linked to a video from TMZ, posted in April, in which he gave similar advice.
“People shouldn’t be investing their savings in cryptocurrency, to be clear,” Musk said at the time. “It is not wise.”
He said investing in it was “fun” and could pay off, but people should be careful.
“If you want to speculate and have fun, there’s a good chance crypto is the future currency of Earth,” he said in the same video.
“So it’s like, which one is it going to be?” Maybe there will be several. But, this is only speculation at this point.
Mr. Musk has become closely associated with cryptocurrencies in recent months. In addition to its promotion of dogecoin, Tesla bought large amounts of bitcoin – the profits of which beat those of its electric cars.
His tweets on any individual cryptocurrency often push the price up, suggesting that subscribers follow his advice on where to invest. And since he became interested in dogecoin, the price has increased many times, with its growth in 2021 now 100 times greater than that of bitcoin.