Sage advice. A new video of Elon Musk has surfaced, where he can be seen asking his fans not to invest their life savings in cryptocurrency. In other words, people should not to go too far with crypto speculation.
The clip is dated February 7, a day before Tesla announced its investment in Bitcoin.
Reportedly, Musk was on his way to get dinner with his wife and son in West Hollywood when his fans asked him for autographs and inquire about the cryptocurrency market.
While he told them that there is a good chance that crypto will be the currency of the future, he can also be heard telling a fan not to bet the farm on crypto. It is fine to spend disposable income on it, but at the end of the day it is speculation.
“People should not invest their life savings in cryptocurrency, to be clear — that’s unwise. There’s a good chance that crypto is the future currency of 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.”
And it comes at a time when cryptocurrencies are on an impressive rally that has seen them gaining acceptance among mainstream investors and companies.
Bitcoin rose to an all-time high of $50,000 for the first time on Tuesday, with the original cryptocurrency rising by more than 70% so far this year. Most of these gains came after carmaker Tesla had invested a sweet sum of $1.5 billion in Bitcoin.
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