Elon Musk, CEO of Tesla and SpaceX, often writes on Twitter about cryptocurrencies or virtual currencies. Analysts believe that this is one of the reasons for the recent high prices of cryptocurrencies such as Bitcoin and Dodgecoin. However, before joining the US TV channel NBC's 'Saturday Night Live' on May 8, he gave a different message to his 53 million followers on Twitter.
While not talking about Bitcoin, the single most popular cryptocurrency, he said caution should be exercised in investing in cryptocurrencies like Bitcoin.
"Cryptocurrency is promising, but be careful investing," wrote Elon Musk.
He also linked the tweet to a video of an interview he gave to TMG last February. He has expressed the same opinion there.
"To be clear, one should not invest one's lifetime savings in cryptocurrency," Musk told TMG.
Many, however, are reluctant to accept cryptocurrency as a currency of savings. Experts also say that if you have to buy a virtual currency, then invest only what you lose, but you do not have much of a loss.
"Since the value of cryptocurrency is not related to anything, it is almost impossible to predict whether its value will increase or decrease at any given time," James Ledbetter, editor of Fintech newsletter, Finn, told CNBC.
Among the popular ones, however, is Elon Musk, a particular supporter of Dozcoin. Elon Musk told TMG, 'Dozcoin was invented to make fun of cryptocurrency. But fate loves irony. And what could be the most ironic result? The coin that was started for fun has now become the coin of work, the price is skyrocketing now. '
All cryptocurrencies are risky and prices fluctuate rapidly, but Ledbetter says that when you buy Dodgecoin, you risk losing almost all of your investment. Ledbetter also mentioned that the faster the price goes up, the faster it can go down.
Elon Musk has often been seen joking about Dodgecoin on Twitter. Meanwhile, his company Tesla has bought 1.5 billion dollars bitcoin. The electric car maker also has the opportunity to buy cars in exchange for bitcoin.