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Elon Musk urges ‘caution’ as Dogecoin and other cryptocurrencies continue to surge in price ahead of SNL appearance

Andrew Griffin
Saturday 08 May 2021 23:24 BST
Elon Musk teases Saturday Night Live debut

Elon Musk has urged people to take “caution” when investing in cryptocurrencies.

The Tesla and SpaceX boss has become famous in recent weeks as perhaps the most famous promoter of cryptocurrencies. He has taken a particular interest in Dogecoin – the digital currency that began as a joke but is now worth almost $100 billion – referring to himself as the Dogefather and suggesting that it could one day be used as a real currency.

In a new tweet, however, he advised people to be careful when investing in digital currencies.

He also linked to a TMZ video, published in April, in which he gave similar advice.

“People should not invest their life savings in cryptocurrency, to be clear,” Musk said then. “That’s unwise.”

He said that investing in it was “fun” and could pay off, but that people should be careful.

“If you want to speculate and have some fun — there’s a good chance that crypto is the future currency of Earth,” he said in the same video.

“Then it’s like, which one is it going to be? Maybe there will be multiple. But, it’s all speculation at this point.”

Mr Musk has become closely associated with cryptocurrencies in recent months. As well as his promotion of dogecoin, Tesla has bought vast amounts of bitcoin – its profits from which have beaten that of its electric cars.

His tweets about any individual cryptocurrency often send the price rising, suggesting that followers are taking his advice about where to invest. And since he took an interest in dogecoin, the price has risen many times over, with its growth in 2021 now 100 times higher than that of bitcoin.

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