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Tesla's Elon Musk: 'Cryptocurrency is promising, but please invest with caution!'

USA TODAY logo USA TODAY 5/7/2021 Nathan Bomey, USA TODAY
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Elon Musk is pumping the brakes on investing in cryptocurrency with abandon.

The CEO of electric vehicle maker Tesla and rocket maker SpaceX has periodically promoted the benefits of investing in cryptocurrencies like Dogecoin in recent months, apparently prompting some investors to take the plunge.

Elon Musk et al. standing next to a man in a suit and tie: Tesla's CEO Elon Musk has told The Wall Street Journal he's moved to Texas because California has 'taken innovators for granted.' © Provided by USA TODAY Tesla's CEO Elon Musk has told The Wall Street Journal he's moved to Texas because California has 'taken innovators for granted.'

But early Friday he added a note of caution.

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"Cryptocurrency is promising, but please invest with caution!" he wrote on Twitter.

Opinions vary widely on the outlook for cryptocurrencies. Some say it's as good as gold and will eventually usurp cash, while others say it's worthless and will eventually collapse.


Video: Tesla can now be bought for bitcoin, Elon Musk says (Reuters)

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Musk, who tweeted while on a break from preparing to host "Saturday Night Live" this week, influences legions of fans online. Most of his previous comments on cryptocurrency have related to Dogecoin, which was invented as a joke but has recently soared in value, rising from a fraction of a penny when the year began to more than 64 cents.

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While he has been credited or blamed in part for that surge, depending on your perspective, his cautionary comments on Friday weren't the first time he's urged people to be careful.

"People should not invest their life savings in cryptocurrency. That's unwise," he told TMZ in February. "But if you want to speculate and maybe have some fun ... there's a chance crypto is the future currency of earth."

His comments came after Tesla recently invested $1.5 billion in bitcoin in a move it described as designed "to provide us with more flexibility to further diversify and maximize returns on our cash."

You can follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday morning.

This article originally appeared on USA TODAY: Tesla's Elon Musk: 'Cryptocurrency is promising, but please invest with caution!'

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