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Elon Musk "I Think Investing Your Life Savings In Crypto Is Unwise"

Investing all your money is unwise, says Tesla CEO Elon Musk, even if there is a chance that cryptocurrencies could take over FIAT.

Musk Reality-Checks Investment Zeal at Dogecoin

Elon Musk it cooled somewhat the enthusiasm that had gathered Dogecoin's sponsors for his performance on Saturday Night Live. The Tesla CEO has never been an "outspoken supporter" of the currency and has always passed on his Dogecoin news as jokes or at least puns from popular movies, songs, etc.

He Once upon a time, Musk even admitted it, which should not surprise anyone. That didn't stop Doge's price from hitting its all-time high of $ 0. 69 earlier this week.

on his TV appearance on Saturday, Musk felt the need to re-explain what he thought cryptocurrencies were good for and not to be misinterpreted, and argued that investing your life savings in a currency for a quick profit was unwise:

“I don't think people should invest their life savings in cryptocurrency to be clear. I think it is unreasonable. "

Tesla CEO Elon Musk

He admitted that cryptocurrencies could eventually replace FIAT, but warned that, to be sure, all this is still guesswork and nothing else. “There is a good chance that the cryptocurrency is the future currency of the Earth, and then it's like this: which one will it be? Or maybe it will be multiple. But at this stage it should be considered speculation, ”explained Musk.

It's time to take cryptocurrency seriously

Musk's opinion was made available as a TMZ movie, and this time he decided to distract himself from the jokes. The video was titled sobering "Cryptocurrency is promising, but invest carefully!" He still found the irony of fate tempting, to ask what would be a better outcome than having "a currency invented as a joke actually becomes a real currency."

The $ DOGE is actually made as an internet joke about the fact that people would basically buy anything online. However, Musk's tweets about Doge were briefly mentioned by several sources, which was investigated by US Securities and Exchange Commission (SEC) due to his frequent statements about the currency. Musk took the news with amusement and welcomed every regulator that analyzed his public opinions about Dogecoin.

Musk is not the only known investor and billionaire who speaks favorably about cryptocurrencies, and especially about PIESEL dollars. Dallas Maverick owner and Shark Tank legend Mark Cuban has touted the power of cryptocurrencies and is actively trying to encourage Dogecoin's acceptance.

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