Elon Musk warns crypto fans to 'invest with caution' as Dogecoin explodes

Elon Musk warns crypto fans to 'invest with circumspection' as Dogecoin explodes

Elon Musk warns investors to be cautious about cryptocurrency

(Image credit: Win McNamee / Getty Images)

Elon Musk has washed more than most to boost cryptocurrency's popularity over the past year, but the Tesla boss is now urging people to be cautious virtually investing.

Musk has repeatedly tweeted most the likes of Dogecoin and Bitcoin, proclaiming to his 53m followers that he's the "Dogefather" and that "SpaceX is going to put a literal Dogecoin on the literal moon." But in his latest cannonball, Musk had a very different bulletin.

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In a tweet shared this morning, ahead of his advent on Saturday Nighttime Live tomorrow (Sat, May eight), Musk tweeted that "Cryptocurrency is promising, but please invest with caution!"

Cryptocurrency is promising, but please invest with circumspection! https://t.co/A4kplcP8VqMay 7, 2021

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He also shared a video of an older interview with TMZ, in which he stated that "People should not invest their life savings in cryptocurrency, to be articulate. I think that's unwise."

Absolutely, he then went on to say that "If you desire to speculate and have some fun… there's a good risk that crypto is the futurity currency of Earth," just it's nevertheless something of a mixed message from the billionaire.

Dogecoin investors in particular accept been eagerly awaiting Musk'due south spot on SNL, in the hope that he'll further proclaim his love for the "memecoin," which was orginally created equally a joke riposte to Bitcoin but which has at present grown to get i of the tiptop cryptocurrency performers by market place capitalization value.

Dogecoin started the year with a value of $0.005 but has risen sharply in contempo months to the point where it's at present worth $0.61. That represents scarcely conceivable growth of 12,000% in 2021 and gives it a total market place cap of around $80 billion — which, somewhat bizarrely, makes Dogecoin more than valuable than Ford and Twitter.

Pundits take speculated that if Musk talks most Dogecoin on SNL slot it could soar notwithstanding higher. And as Musk himself has stated, information technology would be a delicious irony were a joke currency to ultimately end up as the biggest of all cryptos.

In the Feb interview with TMZ, he said, "The indicate is that Dogecoin was invented as a joke as substantially to make fun of cryptocurrency. Fate loves irony. What would be the most ironic event? The currency that started equally a joke in fact becomes the real currency. To the moon!"

That said, Dogecoin nevertheless has quite a way to go if it'south to supercede the biggest cryptocurrencies: a unmarried Bitcoin is worth around $55,000, and it currently has a market cap of more than than $1 trillion.

So, how high could Dogecoin go? It's incommunicable to say, but some experts believe information technology could summit $one this year and eventually even reach $10. Critics, meanwhile, counter that the fact there's an unlimited supply of Dogecoin volition come across information technology fall victim to inflation and foreclose it sustaining its electric current trajectory.

Time volition tell on that front end, simply i thing is clear: if Musk does hold forth on Doge on SNL, it'll probable shoot upward in the brusque term at least.

More: How to watch SNL online: Elon Musk hosts Saturday Night Live

As U.Thousand. Editor in Chief on Tom's Guide, Marc is responsible for the site's U.Thousand.-focused output every bit well as overseeing all gaming, streaming, sound, Tv, amusement, how-to and cameras coverage. He previously edited the tech website Stuff and has tested and written nearly phones, tablets, wearables, streaming boxes, smart home devices, Bluetooth speakers, games and much more than. He also spent years on a music mag, where his duties mainly involved spoiling other people'south fun, and on a car magazine. An avid lensman, Marc likes nothing better than taking pictures of very minor things (bugs, his daughters) or very big things (distant galaxies). When he gets time, he also enjoys gaming (panel and mobile), cycling and attempting to watch equally much sport as whatever human can (particularly cricket).