Elon Musk: 'Don't invest life savings in cryptocurrency, that's unwise'

Elon Musk (File image)

Tesla and SpaceX founder Elon Musk urged those considering to invest in cryptocurrency to exercise restrain and refrain from risking their entire life savings.

The cautionary note from the billionaire comes amid his consistent push for cryptocurrency - which Musk speculates to be the future default currency of the planet.

“First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise,” Musk warned in a video released by the TMZ.

"Cryptocurrency is promising, but please invest with caution," the Tesla chief tweeted on May 7, as he posted the link of the TMZ video on his official social media handle.

Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq

— Elon Musk (@elonmusk) May 7, 2021

Also Read: Dogecoin is now more valuable than SpaceX, ahead of Musk's SNL appearance

Musk's tweets on cryptocurrencies has led to a spurt in the popularity of Bitcoin and Dogecoin. On the latter, Musk said in the video that "the point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrency”.

He, however, added that fate comes near to irony and Dogecoin may end up emerging as the leading cryptocurrency despite being launched as a "joke".

Musk also reiterated the possibility of cryptocurrency gaining widespread global recognition in the future. "If you want to sort of speculate and, I don’t know, maybe have some fun, I mean, there’s a good chance that crypto is the future currency of earth” he said.

Musk pointed out that Tesla Inc sold 10 percent of its Bitcoin holdings last month to prove the liquidity of the leading cryptocurrency. He, however, clarified that he sold any of his own Bitcoin.