Tesla CEO Elon Musk Cautions Followers About Cryptocurrency Investment

Elon Musk has become widely revered in the world of cryptocurrency, with many applauding his open-minded and progressive attitude towards the industry, whereas others have condemned him for supporting a ‘joke’ cryptocurrency in the form of Dogecoin (DOGE) and damaging the industry’s reputation. Whatever the case may be, the CTO, CEO, and Founder of SpaceX and CEO of Tesla Inc. has managed to transform himself into one of the more polarizing figures in the global financial landscape, and as far as cryptocurrencies are concerned, investors tend to hang on his every word (or tweets as is so often the case).

Most recently, however, Elon has warned his followers that while cryptocurrencies are certainly beneficial and can lead to a ‘promising’ future, caution must nonetheless be exercised. This is because cryptocurrencies are highly volatile and unpredictable in nature, and while they can lead to substantial profits for many, they can also just as easily result in financial ruin for others.

Still, Elon continues to support DOGE, with the most recent support coming in the form of his upcoming appearance on Saturday Night Live (SNL) this weekend, where he has agreed to talk about the world’s now 4th highest ranked cryptocurrency on the show.

DOGE reaches new ATH

As of the time of this writing, DOGE has a price of $0.5, which is a 4.5% decrease since yesterday. As aforementioned, the altcoin has been the subject of much appreciation and continued support from Elon, which helped it obtain an ATH (all-time high) amount of $0.69 a little earlier on in the week. The continued rise in DOGE’s price has resulted in many becoming millionaires seemingly overnight.

Musk had even gone as far as to proclaim himself the ‘Dogefather,’ and he, alongside fellow billionaire and owner of the Dallas Mavericks and host of ‘Shark Tank’s Mark Cuban, has been singing the meme-based cryptocurrency’s praises for a while now.

Elon is also holding BTC

At this moment, it remains unclear as to whether or not Elon Musk had any kind of exposure or personal experience with DOGE prior to supporting it. Nevertheless, he had admitted to holding Bitcoin as part of his own portfolio, and Tesla had actually managed to place a bet of $1.5 billion on the flagship cryptocurrency during this past February. Ever since then, however, some chips were taken off of the table in an effort to have the asset’s liquidity be proven.

Ultimately, experts predict DOGE to rise in the short-term but remain cautious of a possible crash in the long run.