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Elon Musk: ‘Cryptocurrency is promising, but please invest with caution’

 

-Musk also warned to not invest life savings in cryptocurrency


-Dogecoin may find yourself emerging because the leading cryptocurrency despite being launched as a ‘joke’, says Elon Musk


-Elon Musk has been showing support for Dogecoin over the last year




elon Musk, founding father of Tesla and SpaceX, on May 7 advised to ‘invest with caution' to those that want to place their money in cryptocurrency.


Musk, known for his cryptocurrency tweets, tweeted, "Cryptocurrency is promising, but invest cautiously!"


In a video released by TMZ, Musk also warned against investing life savings in cryptocurrencies. "First of all, I think people shouldn't invest their savings in cryptocurrency. To be clear, I think this is unwise."


The Dogecoin was invented as a joke, essentially to form fun of cryptocurrency and now fate comes almost irony as Dogecoin may find yourself emerging because the leading cryptocurrency despite being launched as a ‘joke’, he added.


A few months back, Musk expressed his wish to form Dogecoin the ‘currency of the Internet'. He has said the 'crypto whales' who hoard large stockpiles of Dogecoin are standing within the way of it from becoming a mainstream currency.


Musk has been showing support for Dogecoin over the last year. whenever he tweets on Dogecoin its value surges. the web likes to call this ‘The Musk Effect’.


Recently, when Musk showed the likelihood of Dogecoin featuring in his 'Saturday Night Live' hosting debut, the worth of Dogecoin surged by the maximum amount as 20 percent.


Musk also sold 10 percent of Bitcoin holdings last month to demonstrate the liquidity of the leading cryptocurrency.



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