Cryptocurrency

Cryptocurrency is Promising, but Invest with Caution, Says Elon Musk

Cryptocurrency is Promising, but Invest with Caution, Says Elon Musk

Photo: TMZ

Cryptocurrencies are gaining widespread popularity, and now that Elon Musk, the owner of a Twitter account with more than 50 million followers, has started talking about them, this topic has literally become one of the most talked-about. But, despite the fact that cryptocurrencies are promising, you need to invest in them carefully, warned Musk.

Investing in cryptocurrency is a relatively new, but very popular way of investing money today. When investing in cryptocurrency, it is important to understand a few basic things:

  • It is a risky asset. Nobody guarantees you profitability. You can earn a lot, but you can lose everything. Therefore, you should not invest all your savings in cryptocurrency, and even more so the money that you need for life.
  • This is a virtual asset. Loss of data (key) to your cryptocurrency wallet means loss of funds. The key can be stolen by intruders, or you yourself can lose it. Therefore, it is worth paying attention to security issues.
  • All operations in cryptocurrency are irrevocable. If you sent money, you will no longer be able to return it. If in the bank you can make a request to the support service and cancel the operation, then in cryptocurrency networks this cannot be done.

Elon Musk's positive attitude towards cryptocurrencies has become key to the recent surge in interest in them. This is why he warned his fans (and those who might see it) that while cryptocurrencies are promising, people should invest with caution.

“Cryptocurrency is promising, but please invest with caution!” he tweeted, attaching a video of his interview to TMZ. In an interview, he warned that people should not invest their life savings in cryptocurrency. Musk said that this type of investment should only be considered if a person wants to speculate and have some fun and adding that there is a high probability that cryptocurrency will become the future currency of the Earth.

Earlier this year, Tesla bought bitcoin and later began accepting it as payment for buying its cars. However, Musk expressed his strong support for Dogecoin with a few tweets, which literally led to him being hailed as Dogefather. However, do not forget that this is just a joke. Musk pointed out that the Dogecoin cryptocurrency itself began as a joke depicting a Shiba Inu dog.

“The point is that dogecoin was invented as a joke as essentially to make fun of cryptocurrency,” he told TMZ. “Fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency. To the moon!”

© 2021, Eva Fox. All rights reserved.

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Article edited by @SmokeyShorts, you can follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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