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Elon Musk is pumping the brakes on investing in cryptocurrency with abandon.
The CEO of electrical automobile maker Tesla and rocket maker SpaceX has periodically promoted the benefits of investing in cryptocurrencies like Dogecoin in current months, apparently prompting some traders to make the leap.
However early Friday he added a observe of warning.
“Cryptocurrency is promising, however please make investments with warning!” he wrote on Twitter.
Opinions differ extensively on the outlook for cryptocurrencies. Some say it is nearly as good as gold and can ultimately usurp money, whereas others say it is nugatory and can ultimately collapse.
Musk, who tweeted whereas on a break from making ready to host “Saturday Night time Dwell” this week, influences legions of followers on-line. Most of his earlier feedback on cryptocurrency have associated to Dogecoin, which was invented as a joke however has not too long ago soared in worth, rising from a fraction of a penny when the 12 months started to greater than 64 cents.
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Whereas he has been credited or blamed partially for that surge, relying in your perspective, his cautionary feedback on Friday weren’t the primary time he is urged individuals to watch out.
“Folks shouldn’t make investments their life financial savings in cryptocurrency. That is unwise,” he told TMZ in February. “However if you wish to speculate and possibly have some enjoyable … there’s an opportunity crypto is the longer term forex of earth.”
His feedback got here after Tesla not too long ago invested $1.5 billion in bitcoin in a transfer it described as designed “to supply us with extra flexibility to additional diversify and maximize returns on our money.”
You may comply with USA TODAY reporter Nathan Bomey on Twitter @NathanBomey and subscribe to our free Daily Money newsletter here for private finance suggestions and enterprise information each Monday by Friday morning.
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