Elon Musk Said Invests With Caution In Cryptocurrency

Elon Musk Said Invests With Caution In Cryptocurrency

The CEO of Tesla and SpaceX, Elon Musk said invests with caution in cryptocurrency.  Elon Musk, who has always been a key proponent of cryptocurrencies around the world, warned his 53 million followers on Twitter that there’s no need for investing your whole life-saving in a virtual currency as long as you have been practicing. The shocking news from Musk came before his interview on Saturday Night Live (SNL). In that interview, Musk talked about his support for cryptocurrency as a future currency and also making human beings a multi-planet species. Also, Musk shared an interview alongside a tweet; Musk did with TMZ in February of this year. In the shared interview, Musk also highlighted the importance of cryptocurrency as he declared cryptocurrency as the world’s next currency.

Moreover, Elon Musk emphasized that investing in cryptocurrency without any knowledge would be a childish act. As the whole cryptocurrency thing is a technical game, people without any basic knowledge would end up losing their money. But he also emphasized that which cryptocurrency is going to be the world’s next currency is yet to be cleared. So as a result, the whole cryptocurrency system in the world is unclear. Additionally, in an interview with TMZ, Musk claimed that there is no possibility of a multiple currency system in the future.

As a reminder, Elon Musk interview with TMZ came along with the threads of tweets popularizing Dogecoin (cryptocurrency). After that interview, the rise of meme-based cryptocurrency was started. Now after the interview of Elon Musk on Saturday SNL, Dogecoin has again started its climbing over other cryptocurrencies. At the end of the interview on SNL, Musk again emphasized to his followers to not take any risk on investing their whole savings or money to crypto. Due to this, his followers and Twitter users praised him for his sharp mindedness. Meanwhile, his critics always criticized and make fun of him by tweeting and commenting under his video interview.

Before his interview on SNL, he asked his followers for ideas about his appearance. The majority of his followers wanted him o talk about Dogecoin in that interview. In his interview, Musk claimed that it has been cleared that Dogecoin was created as a joke. Essentially, it was created to make fun of cryptocurrencies. Elon said who would have known meme material will lead the crypto. He further added that fate loves the irony. Additionally, Musk said that it should be considered speculation and cautioned not to go too far on the crypto speculation part without any knowledge.

On Saturday, at the time of his interview, the value of Dogecoin stood at $0.715669. The meme cryptocurrency, Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer.

Like other virtual currencies, it also offers recourse to the inadequacies of traditional banking systems of the world. However, it was never meant to succeed and was used and traded for a long time as today it is. Initially, like meme, Dogecoin was considered a joke due to its name and logo of course.  But thanks to Elon Musk who keep an eye on this virtual currency and tweeted about it so that his followers invest in it.

Furthermore, Elon announced that his company Tesla has sold 10 per cent of his Bitcoins only to prove its credibility, interestingly, Musk also claimed that his company never purchased any Bitcoins. All its Bitcoins came as a result of its buyers who used to buy Tesla cars by using Bitcoins as a currency. Also, Tesla had invested $1.5 billion in bitcoin during the first quarter of this year.

As we all know, not only Musk but other experts have also claimed that cryptocurrency will be the next currency in the world. But one should do proper research before buying, selling or investing in cryptocurrency.

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