May 10, 2021

ElonMusk urged to invest in cryptocurrencies with caution

Elon Musk recalled the risks of investing in digital assets and urged investors to approach this issue with caution.

Cryptocurrency is promising, but please invest with caution!
– Elon Musk (@elonmusk) May 7, 2021

Musk attached a video from February 2021 to the message, where he called it unwise to invest in digital assets. The billionaire noted that those wishing to trade cryptocurrencies can “have fun”, and the success of Dogecoin depends on the “will of the people.” Earlier it became known that on May 8, the TV show Saturday Night Live will be broadcast with Musk as the host.

At the end of last week it became known that this Saturday, May 8, Elon Musk will become the host of the Saturday Night Live show. Then the head of Tesla and SpaceX asked subscribers to help him with ideas for parody sketches.

Among the many proposals, the Dogecoin cryptocurrency has been repeatedly mentioned. Musk himself the day before called himself Dogefather (reference to the film “The Godfather”), once again reminding him of his appearance on the show.

It is possible that Dogecoin will debut on SNL following the NFT video.

Will you watch?

In February 2021, Musk posted a series of tweets about Dogecoin, after which the cryptocurrency rose in price by almost 50%. In the same month, Tesla invested $ 1.5 billion in bitcoin. Musk called the investment “risky enough” and hinted that it was not his decision.

Recall that in April, the electric car manufacturer sold part of the assets in the first cryptocurrency for $ 272 million.

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Risk Awareness

Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. Trading or holding funds in cryptocurrencies comes with significant risks, including volatile market price swings or flash crashes, market manipulation. Use EUPi stable coin to secure your funds from market volatility.