“Cryptocurrencies are promising, but invest carefully” says Elon Musk | Finances

Elon musk, the CEO of Tesla and SpaceX, changed his enthusiastic stance on digital currencies and asked investors to be cautious about dealing with these assets: “Cryptocurrencies are promising, but please be careful when investing”. This Friday (07), the billionaire went to Twitter to post a video of an interview he gave to TMZ in February, in which he recognizes the speculative basis of most crypto assets.

Elon Musk advises to be wary of investments in cryptocurrencies (Image: Thomas Hawk / Flickr)

Musk ponders cryptocurrency risks

At the time, Musk was asked whether he considered dogecoin (DOGE) less valuable for its unlimited and inflationary supply. “Yes, but I also don’t think people should be investing all of their reserves in cryptocurrencies. I think that would be very unwise, ”replied the tycoon. Now, it seems that he found it worthwhile to resume his past statements.

What was said in this February interview is very different from the behavior that Musk has been adopting in recent months. More and more he has shown himself to be a true cryptocurrency enthusiast, especially bitcoin (BTC) and dogecoin (DOGE). This is the first time in a long time that the billionaire has stopped his support to weigh the risks that also involve crypto assets.

The interview with TMZ was held shortly after Tesla announced its $ 1.5 billion bitcoin purchase. At the time, Musk and his electric car company moved the market on a large scale. The gigantic investment was seen by many as an important legitimization of the entire crypto industry, causing the price of cryptocurrency to skyrocket.

On the occasion, he also commented that he has high expectations for digital currencies. “There is a good chance that the future global currency will be a cryptocurrency. The question is: what will it be? Maybe there are more than one, but right now it’s just speculation, ”said Musk to TMZ.

“Dogefather” on Saturday Night Live

Friday’s tweet precedes his participation in the popular American comedy show Saturday Night Live. Musk will be the presenter this coming Saturday (08), on which occasion he indicated that he should address dogecoin and crypto thematic.

In late April, he called himself “Dogefather” in a kind of teaser of his participation in the program. “Dogefather SNL (Saturday Night Live), May 8,” tweeted Musk. On the occasion, its publication caused the price of dogecoin to skyrocket and generated great expectations among cryptocurrency fans about this weekend’s episode.

Musk tweet does not affect DOGE for the first time

Tesla’s CEO is primarily responsible for the DOGE rising so much in 2021. After the organized actions of communities on Reddit and the WallStreetBets group in late January, the cryptocurrency based on a dog meme Shaba Inu came out of oblivion and appreciated in 1,500%. Since then, Musk’s statements on his social networks have always strongly impacted the asset’s price.

This time, even though Musk asking investors to be careful and recalling a February interview in which he talks about dogecoin, the cryptocurrency has not fallen, quite the contrary. According to the index CoinDesk, the DOGE price soared 23% on Friday, leaving $ 0.52 and coming close to its record of $ 0.69, showing that more and more the asset no longer depends on the billionaire to gain value.

Musk previously said: “Fate loves irony. What could be the most ironic result? May the cryptocurrency that was invented as a joke end up becoming a real currency, ”said Musk, referring to dogecoin.

With information: Cointelegraph

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