Elon Musk is pumping the brakes on investing in cryptocurrency with caution.
The CEO of electric vehicle manufacturer Tesla and rocket manufacturer SpaceX has periodically promoted the benefits of investing in cryptocurrencies like Dogecoin in recent months, apparently prompting many investors to take the dip.
But early Friday he added a note of caution.
“Cryptocurrency is promising, but please invest with caution!” He wrote on Twitter.
Opinions vary widely on the outlook for cryptocurrencies. Some say it’s like gold and will eventually usurp cash, but others say it’s useless and will eventually collapse.
Musk, that tweeted while on a rest from planning to host”Saturday Night Live” this week, affects legions of fans on the web. The majority of his previous comments on cryptocurrency have linked to Dogecoin, that has been devised as a joke but has recently soared in value, rising by a fraction of a penny once the year began to over 64 cents.
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While He’s been credited or blamed in part for that surge, Depending upon Your perspective, his cautionary comments on Friday were not the first time he’s urged individuals to be careful