Elon Musk sounds caution on cryptocurrency: ‘Don’t risk life savings, invest with caution’

Advertisement

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

Advertisement

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.

Elon Musk sounds caution on cryptocurrency: ‘Don’t risk life savings, invest with caution’
Source: The Pigeon Express

Musk’s Tweets Soar Bitcoin Prices

Advertisement

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 sounds caution on cryptocurrency: ‘Don’t risk life savings, invest with caution’
Source: The Economic Times

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.

Advertisement
Shiwangi Arya
Bonjour! I am Shiwangi Arya; an aspiring journalist, writer, orator, and above all a keen learner. My love for writing is beyond everything else. On the empty canvas of life, I wish to paint my imaginations. My dreams are sky high and my ambitions even higher.

Must Read

Vanitas No Carte Season 2 Renewal Status, Release Date, and Much More

Vanitas No Carte Season 2 Renewal Status, Release Date, and Much...

Is Vanitas No Carte Season 2 happening? Based on Jun Mochizuki’s manga of the same name, the Japanese supernatural fantasy drama translates to “The...
Burden of Truth Season 5: Renewed or Canceled? This is All We Know

Burden of Truth Season 5: Renewed or Canceled? This is All We Know