New Delhi: Tesla CEO Elon Musk has released a video where he has warned the investors to be cautious while investing their savings in cryptocurrency.
The video was released just a day before the Tesla made its bitcoin investment public on Sunday (February 7). Elon Musk was in West Hollywood and his fans asked him for an autograph and thus asked questions about investing in cryptocurrency, as reported by ABC.
Elon Musk told his fans in Hollywood that the cryptocurrency will be the future currency on the Earth, and it is fine to invest a fair amount in it, but spending all your life savings in it is not recommended.
Elon Musk said that "People should not invest their life savings in cryptocurrency, to be clear- that's unwise". He further added that "There is a good chance that crypto is the future currency of the Earth, and it's like which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point. So don't go too far with the crypto speculation front".
The bitcoin rose to an all-time high of $50,000 on Tuesday (February 16). Bitcoin has grown 67 per cent this year alone, all thanks to $1.5 Billion investment from Tesla in the bitcoin.
In a recent development, Elon Musk has bought Dogecoin - a cryptocurrency - for his son X Æ A-Xii. Earlier, Musk triggered a surge in Dogecoin`s price with a single word tweet "doge." Similar to bitcoin, Dogecoin is a digital coin that is mainly used for e-transactions and its meme has a picture of the Shiba Inu on it. Invented by software engineers Billy Markus and Jackson Palmer in 2013, the price of Dogecoin saw a mammoth rise after Reddit traders targeted it.