Tesla CEO, Elon Musk is well known as a supporter of cryptocurrencies. We have seen him investing and spreading awareness regarding bitcoin, dogecoin, etc. However, he is now warning people from completely relying on cryptocurrencies.
Elon Musk Cautions Investors on Cryptocurrencies
Businessman Elon Musk has issued a caution to investors regarding cryptocurrencies. He has warned the customers looking for gain from the boom in prices of Dogecoin, Bitcoin, Ethereum, etc. Musk said that cryptocurrencies can be resourceful in the future. But one should not invest one’s total savings in cryptocurrencies. It could be the default future currency but investing in them now is an act of foolishness. One can invest small amounts but never do the mistake of investing life savings.
Musk’s Tweets Soar Bitcoin Prices
A few days ago, Elon musk has added “#Bitcoin” to his Twitter bio. His tweets have soared the prices of cryptocurrencies. In the following month, he tweeted “Doge”. He then followed the tweet with “Dogecoin is the people’s crypto”. Musk further added that there are no highs, no lows, only Doge. When asked about Dogecoin’s invention, Elon Musk said that Dogecoin was invented as a joke. Moreover, just to make fun of cryptocurrencies. He also added that fate loves irony. Though Dogecoin was invented as a joke, it has now become the real currency. However, he also cautioned that cryptocurrency is promising, but should be invested wisely. They can be of high utility in the future. One should do it for fun and not go for it blindfolded. It can create high opportunities in the future. All he meant was to invest in cryptocurrency, but wisely.
Elon Musk Sells Tesla Inc’s Bitcoin Holdings
Last month Elon Musk tweeted that Tesla Inc. has sold 10 percent of its Bitcoin holdings. They had done so to prove the liquidity of the cryptocurrency. He also clarified that he has sold none of his personal bitcoin, retaining his investment. During the January-March quarter, Tesla had invested $1.5 billion in Bitcoin. This soared its position by 10 percent, which added a small financial gain. On the other hand, Ethereum’s market capitalization now stands at $403.84 billion. Ethereum is the world’s second-largest cryptocurrency.