‘Unwise’: Elon Musk’s biggest cryptocurrency warning yet

Jessica Yun
·1 min read
BERLIN, GERMANY - SEPTEMBER 2:  Tesla and SpaceX CEO Elon Musk leaves the Westhafen Event & Convention Center after attending the CDU/CSU faction meeting on September 2, 2020 in Berlin, Germany. Germany. Musk is currently in Germany where he met with vaccine maker CureVac, with which Tesla has a cooperation to build devices for producing RNA vaccines, yesterday. Today, he is rumoured to also be visiting the site of the new Gigafactory under construction near Berlin. (Photo by Filip Singer-Pool/Getty Images
Elon Musk. (Photo by Filip Singer-Pool/Getty Images)

Elon Musk, Tesla and SpaceX’s founder, is a well-known Dogecoin advocate – yet has revealed concerns about cryptocurrency.

In a recent video of Musk being doorstop interviewed by fans on his way to dinner, Musk said there was a “good chance” cryptocurrency could be the “future currency of Earth” – but also warned about its volatile nature.

“Well, which one is it going to be? And maybe it’ll be multiple,” he said of digital currencies.

“But it should be considered speculation at this point. So don’t go too far on the crypto speculation front.”

It’s fine to spend disposable income on it, but “don’t bet the farm on it,” he joked.

“People should not invest their life savings in cryptocurrency, to be clear — that's unwise,” the ABC reported.

The warning is a step-change from Musk's vocal support of Dogecoin, which started out as a ‘joke’, sending the cryptocurrency’s price soaring.

On Monday, he appeared to offer to pay Dogecoin holders to “sell most of their coins” in a bid to moderate the coin's short-term price fluctuations for a long-term rise.

“Too much concentration is the only real issue, [in my opinion], he said.

His company, Tesla, also recently made a US$1.5 billion investment in Bitcoin, the world’s largest corporate investment to date.

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