Dogecoin warning: Elon Musk rings alarm bells for crypto gamblers – ‘invest with caution’
Dogecoin: Expert discusses Elon Musk’s tweets
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The SpaceX CEO and multi-billionaire has taken a particular interest in Dogecoin – the digital currency which began as a joke in 2013 but now is worth almost $100 billion. Mr Musk has been a proponent of Dogecoin and other cryptocurrencies for years – but in one of his latest tweets he says that, while fun, there are risks involved.
On May 7, Mr Musk tweeted: “Cryptocurrency is promising, but please invest with caution!”
In the tweet, he included a video link to an interview he did with TMZ published back in April.
In the video, he warned: “People should not invest their life savings in cryptocurrency.
“I think that’s unwise.
“Don’t take too much risk on crypto.”
Dogecoin had a tremendous surge in price over the last week, hitting another peak of $0.73 after a brief dip on Friday.
At time of writing, the price of the meme currency has taken a slight drop, coming down almost ten cents in value in the last 12 hours.
Those considering buying Dogecoin should consider the risks of investing in cryptocurrencies, which are notoriously volatile. Here in the UK, the Financial Conduct Authority (FCA) warned: “If you invest in cryptoassets, you should be prepared to lose all your money.”
Elon Musk and the price of Dogecoin appear to be somewhat linked as traders sometimes report price increases that coincide with Mr Musk’s tweets about the cryptocurrency.
The price rose substantially after Mr Musk tweeted ‘The Dogefather’ in reference to his upcoming appearance on Saturday Night Live on May 8.
Mr Musk has previously stated that, although “fun”, investors should still be careful.
In the TMZ video, Mr Musk added: “If you want to speculate and have some fun — there’s a good chance that crypto is the future currency of Earth.
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“Then it’s like, which one is it going to be? Maybe there will be multiple. But, it’s all speculation at this point.”
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