Musk warns of dog coin risk: Cryptocurrency has promise but please invest with caution

May 7, Tesla CEO Elon Musk cryptocurrency is promising, but please invest with caution.

Musk warns of dog coin risk: Cryptocurrency has promise but please invest with caution

On May 7, Tesla CEO Elon Musk retweeted a video titled “Musk says Dogecoin could be the future of cryptocurrencies” and captioned the video saying that cryptocurrencies are promising, but please invest with caution.

The video shows Musk being mobbed by fans asking for autographs, and Musk agrees when a fan asks if Dogecoin, which is scalable and not limited in number like Bitcoin, will take away the value of traditional coins.

Musk said that people should not invest their life savings in cryptocurrencies, which is very unwise behavior. “Cryptocurrencies are likely to become the dominant currency on the planet in the future, but that’s just speculation, and the idea that there could be many dominant currencies is also a bit speculative. Don’t invest too much in cryptocurrencies, and I speculate that the best prospect among cryptocurrencies will be dogcoin.”

Fans also asked how it managed to post a tweet after the price of dogcoin soared, to which Musk did not respond positively, only saying not to take too much risk because of cryptocurrencies.

On April 1, Musk said that Space X would take a dogcoin to the moon, and then the dogcoin rose by more than 14%.

It’s worth noting that while Musk believes dogcoin could be the future of cryptocurrency, Tesla is sticking with investing in bitcoin. In February this year Tesla announced the purchase of $1.5 billion in bitcoin. on March 24, Musk announced on Twitter that he could use bitcoin to buy Tesla-owned vehicles. He also said that bitcoin payments would be available outside the U.S. later this year. Tesla only uses internal open-source software to operate Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as bitcoin and will not be converted to legal tender.

Tesla’s first-quarter earnings report showed that the company cut its bitcoin position by 10 percent, which led to a small increase in earnings of $101 million for the quarter. Zachary Kirkhorn, Tesla’s chief CFO, said in a conference call after the quarterly report that he would continue to hold onto his investment in bitcoin.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/musk-warns-of-dog-coin-risk-cryptocurrency-has-promise-but-please-invest-with-caution/
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