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 may reign supreme over FIAT.

Musk Reality-Checks Investment Zeal in Dogecoin

Elon Musk has cooled a bit of the enthusiasm that rallied Dogecoin backers in the context of his Saturday Night Live appearance. The Tesla CEO has never been “an open supporter” of the currency and always coached his messages about Dogecoin as jokes, or at least puns from popular movies, songs, and so on.

On one occasion, Musk even admitted as much, which should not have surprised anyone. This has not stopped Doge’s price from hitting an all-time high of $0.69 earlier this week.

Ahead of his TV appearance on Saturday, though, Musk felt the need to once again clarify on what he believed cryptocurrencies are good for and what they shouldn’t be misconstrued as, and argued that investing your life savings in a currency to turn a quick profit was unwise:

“I think people should not invest their life savings in cryptocurrency, to be clear. I think that’s unwise.” 

Tesla CEO Elon Musk

He acknowledged that cryptocurrencies might eventually replace FIAT, but he cautioned that being certain about any of that is still guessing work and nothing more. “There’s a good chance that crypto is the future currency of Earth, and then it’s like: which one is it going to be? And maybe it will be multiple. But it should be considered speculation at this point,” Musk explained.

Time to Get Serious about Crypto

Musk’s opinion was shared as a TMZ video, and he decided to cut out the jokes this time around. The video was titled the sobering “Cryptocurrency is promising, but please invest with caution!” He still found the irony of fate tantalizing, asking what would be a better outcome than having “the currency that was invented as a joke, in fact, becomes real currency.”

$DOGE was indeed created as an online jest at the fact that people would pretty much purchase anything online. Musk’s tweets about Doge, though, were briefly mentioned by several sources as investigated by the US Securities and Exchanges Commission (SEC) for his frequent statements about the currency. Musk met the news with amusement and welcomed any regulator to scrutinize his public opinions pertaining to Dogecoin.

Musk is not the only high-profile investor and billionaire to talk favorably of cryptocurrencies and not least $DOGE. Dallas Maverick owner and Shark Tank legend Mark Cuban has touted the strength of cryptocurrencies and is actively seeking to encourage acceptance rates for Dogecoin.