Tesla CEO and soon-to-be Saturday Night Live host Elon Musk is making potential investors aware of the dangers of cryptocurrency. Musk's appearance on the long-running sketch comedy series has certainly ruffled the feathers of some cast members as well as the show's fans; but, in another concerning development, the price of one of his major cryptocurrency interests has also been showing changes.
A known supporter of the latest rising cryptocurrency dogecoin, many investors are estimating that Musk's upcoming appearance could cause the coin to skyrocket. It wouldn't be the first time speculators have witnessed Musk's influence on the digital currency. He's tweeted about dogecoin in the past, which caused it to rise in price.
However, since the digital currency marketplace is largely unregulated, there are no laws preventing him or anyone else for that matter to back a specific coin –– leading many to assume the CEO would say something on the SNL stage and pushing people to buy in early.
But Musk could have something else up his sleeve. The mogul warned his 53 million followers on Friday that those investing in any cryptocurrency should proceed "with caution." “Cryptocurrency is promising, but please invest with caution!” Musk tweeted, along with a video from TMZ.
The brief clip shows Musk being stopped while signing autographs. “First of all, I think people should not invest their life savings in cryptocurrency, to be clear. I think that’s unwise. if you want to sort of speculate, there's a good chance that crypto is the future currency of earth. And then it's like, well which one is it going to be? And maybe it'll be multiple. but it should be considered speculation at this point," he said.
"Don't go too far on the crypto spectrum.. The point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrency," he continued, adding that he believed the situation to be very ironic. "The most entertaining outcome will usually be the most ironic outcome. The currency that was invented as a joke becomes the real currency." He turns to leave, but before driving off, he gives one last warning. "Don't take too much risk on crypto," he finished.