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Elon Musk video asking people to not invest life savings in cryptocurrency surfaces as bitcoin crosses $50,000

Elon Musk in a video can be heard asking his fans to not invest their life savings in cryptocurrency and that they should not go too far with the crypto speculation front.

twitter-logoIndia Today Tech | February 17, 2021 | Updated 14:35 IST
(Picture: Reuters)

Highlights

  • Elon Musk has asked users to not spend all their life savings on cryptocurrency.
  • Musk, in a video, asks his fans to consider cryptocurrency becoming the currency of the earth as speculation.
  • Earlier this month, Tesla invested $1.5 billion in bitcoin which Tuesday rose to an all-time high of $50,000 for the first time.

Tesla CEO Elon Musk has warned users to not spend all their life savings on cryptocurrency and has said that cryptocurrency is the future currency of the earth should be considered a speculation. A video in which Elon Musk, for the first time sounding cautious over users spending all their life savings on the cryptocurrency has surfaced on the internet.

The video is reportedly dated February 7, a day before Tesla announced its bitcoin investment. According to ABC, Musk was on his way to get dinner with his wife and son in West Hollywood when his fans asked him for autographs, asking questions about the cryptocurrency market.

Musk told his fans that there is a good chance that Crypto is likely to be the future currency of earth. He further noted that it's fine to spend disposable income on it, but he can also be heard telling a fan to "not bet the farm on crypto."

"People should not invest their life savings in cryptocurrency, to be clear -- that's unwise," Musk said. "There's a good chance that crypto is the future currency of Earth, and it's like which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point. So don't go too far with the crypto speculation front," Musk added.
The bitcoin on Tuesday rose to an all-time high of $50,000 for the first time, adding steam to a rally fuelled by signs that the world's biggest cryptocurrency is gaining acceptance among mainstream investors and companies. Bitcoin has risen around 67 per cent so far this year, with most of the gains coming after electric carmaker Tesla had invested $1.5 billion in the bitcoin, Reuters reported.

"We invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term," the company had noted in a report.
Musk is known for his tweets supporting and speaking for cryptocurrency. Earlier this month, his tweets supporting dogecoin caused the meme-based cryptocurrency to rise by 50 per cent.

Earlier this month, the Tesla CEO in a tweet wrote that he supports major Dogecoin holders selling their coins. "If major Dogecoin holders sell most of their coins, it will get my full support," the Tesla CEO tweeted on Sunday. "Too much concentration is the only real issue." The meme-based cryptocurrency is now the 13th-largest cryptocurrency with a market cap of around $7.2 billion, according to Bloomberg.


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