Watch: Elon Musk Calls Crypto "Speculation", Says People "Should Not Invest Their Life Savings" In It

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by Tyler Durden
Friday, May 07, 2021 - 08:44 AM

With Elon Musk slated to host Saturday Night Live this weekend, the whole world's focus has been on whether or not Musk is going to use the platform to pump either Tesla stock or any number cryptocurrencies, which have rallied ahead of Musk's appearance. 

The paparazzi professionals over at TMZ caught up with Elon Musk late this week and were able to lob the Tesla CEO a couple of questions about what's on everyone's mind: Dogecoin.

"Elon, do you think Dogecoin could really be the next currency of the world," someone asks Musk. "I think it should be the will of the people," Musk responds.

"Do you think there's a problem because its not limited, like Bitcoin," an onlooker asks. "Do you think that brings away [from] the value of the coin?"

"Yes, it does," Musk responds. "People should not invest their life savings in cryptocurrency, to be clear. That's unwise. But if you want to speculate and maybe have some fun...There's a good chance that crypto is the future currency of Earth. Now it's just 'which one will it be'?"

"It should be considered speculation at this point. Don't go too far on the crypto speculation front," Musk says. "Dogecoin was invented as a joke. I think there's an argument that fate loves irony. What would be the most ironic outcome? That the currency invented as a joke then becomes the actual currency?"

"My dogecoin went up when you tweeted," one bystander can be heard shrieking at the end of the video. "How do you do it? The power of Elon Musk!"

"Don't take too much risk on crypto," are Musk's last words before driving off.