--- title: "Elon Musk Isn’t So Sure About Dogecoin: “Invest With Caution”" description: "Invest With Caution Tesla CEO Elon Musk reiterated that people should be cautious with how they approach investing in cryptocurrencies such as Dogecoin. “Cryptocurrency is promising, but please invest with caution,” the billionaire wrote in a tweet, with a link to a TMZ video of him telling papparazzi about his views on cryptocurrency investing. Musk […]" date: "2021-05-07" modified: "2021-05-07" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/elon-musk-reverses-course-on-dogecoin-invest-with-caution" categories: - "Blockchain" - "Cryptocurrency" - "Elon Musk" - "Future Society" - "The Industrialists" tags: - "cryptocurrencies" - "dogecoin" - "elon musk" - "the digest" --- # Elon Musk Isn’t So Sure About Dogecoin: “Invest With Caution” ![Tesla CEO Elon Musk reiterated that people should be cautious with how they approach investing in cryptocurrencies such as Dogecoin.]() *\Image: JD Lasica / Futurism\* ## No Other Superstar Tesla CEO Elon Musk has been a [major booster]() of the cryptocurrency Dogecoin, posting memes that have driven its value up sharply this year. Now, though, he's changing his tune — cautioning that people should be cautious with how they invest. "Cryptocurrency is promising, but please invest with caution," the billionaire [wrote in a new tweet](), with a link to a February *TMZ* video in which he tells paparazzi about his views on cryptocurrency investing. https://youtu.be/u\_U\_dOOI9us ## Big Night Musk's tweet came just days before his appearance on "Saturday Night Live" later this week. Interspersed with his Dogecoin boosterism, he's been sounding a note of caution about the cryptocurrency for some time. "I think it should be the will of the people, you know," Musk told the paparazzi in the video he linked, when asked if Dogecoin is "the next currency for the world." Musk also said that Dogecoin has a limited value since there is an unlimited supply of it — unlike Bitcoin, which has an artificially induced scarcity with a set limit. "The point was that Dogecoin was invented as a joke, as essentially to make fun of cryptocurrency," he added, "and that's why... I think there's an argument that the most entertaining outcome is the most like 'what would be the most ironic outcome?'" The joke currency [hit record "highs" earlier this week]() — arguably in large part due to Musk's ongoing endorsement of the currency — trading at over $0.50 for a market cap of $69 billion. ## To the Moon The CEO also gave out some arguably sound advice in the February video. "People should not invest their life savings in cryptocurrency, to be clear," he said. "I think that's unwise." "If you want to speculate, and, I don't know, have some fun, I mean, there's a good chance that crypto is the future currency of Earth," he said. But "it should be considered speculation at this point," he added, "so don't go too far on the crypto speculation front." Not all is lost of [Musk's love for Dogecoin](), though. "To the Moon," the CEO joked at the end of the clip, referring to a popular Dogecoin meme. *Updated to reflect that Musk's tweet was new, but that the video he linked to was uploaded in February.* **More on Dogecoin:** *[Dogecoin Hits $.420]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()