Elon Musk Warns Users To Not Spend Their Life Savings On Cryptocurrency

In a video, the Tesla CEO has appealed to his followers and fans to not invest their life savings in cryptocurrency. The video comes after Bitcoin goes beyond the $50,000 mark.

Elon Musk, Chief Executive Officer of Tesla cautioned users to not expend their entire life savings on cryptocurrency. According to him the notion that cryptocurrency is the upcoming currency of the earth was to be considered just as conjecture.

Elon Musk who was previously seen promoting cryptocurrency, is now sounding cautious in the new video that has surfaced on the internet. If readers would recall, earlier this year Musk changed his profile on Twitter to #bitcoin. He was then seen encouraging users to invest in crypto. Followed by this were his memes on the joke crypto, Dogecoin. This led to users started showing interest in this meme-crypto and the price of Dogecoin rise by 50%.

The video that has now surfaced on the internet, is reportedly dated February 7. This is a day before Tesla’s announcement regarding its investment in Bitcoin. ABC reported that Musk and his family were on their way to get dinner when his admirers requested autographs. They also enquired about the cryptocurrency market.

Musk was heard telling his fans that there was a likelihood for crypto to become the future currency of the earth. He further advised that it was reasonable to spend disposable income on crypto, but not to bet the farm on it.

He reiterated that it was imprudent of people to invest all their life savings in cryptocurrency. He added there were multiple cryptocurrencies in the market currently and which one was going to be the future was merely speculation. He warned his followers, fans, and users of crypto to not go too far with the crypto guesswork.

This week Bitcoin reached a record high of $50,000 for the first time. This all-time-high is coupled with the recent development where crypto can be seen gaining recognition among conventional investors and companies.

Bitcoin mostly gained after Tesla announced its investment of $1.5 billion in Bitcoin. Additionally, celebrities are also seen promoting cryptocurrency. Mastercard announced that it was devising a plan whereby it could directly deal with crypto. Visa too revealed that it was going to help banks roll out cryptocurrency. All these recent developments, especially Tesla’s revelation, have lured others to get on the bandwagon too. Owing to this Bitcoin saw a rise of approximately 67% so far this year.

Musk is a vocal supporter of cryptocurrency and is seen promoting it every now and then on social media. He even promoted the meme-crypto, Doge but later tweeted that it was a joke. Nonetheless, by that time Doge had already picked up pace. He even went on to tweet that he supported major Dogecoin holders selling their coins. The crypto (Dogecoin) that started as a joke is now the 13th largest in the crypto market.