Elon Musk says dogecoin might be the future of cryptocurrencies – but tells fans they should still invest carefully

Elon Musk says dogecoin might be the future of cryptocurrencies – but tells fans they should still invest carefully

Elon Musk has said dogecoin could ironically become the future of cryptocurrencies, which could themselves become the future currencies of earth.

Despite the bold claim, the Tesla billionaire struck a somewhat measured tone, tweeting to his millions of followers on Friday: "Cryptocurrency is promising, but please invest with caution!"

Musk's tweet linked to a video from celebrity news website TMZ, in which he warned: "First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that's unwise."

Yet Musk added: "If you want to sort of speculate and, I don't know, maybe have some fun, I mean, there's a good chance that crypto is the future currency of earth."

Asked about dogecoin, Musk said: "The point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrency."

He added: "Fate loves irony… What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes the real currency."

Yet Musk admitted there were problems with dogecoin - the meme asset that has rallied more than 25,000% over the last year to become the fourth-biggest cryptocurrency.

Asked whether dogecoin's unlimited supply poses a danger to its price compared to bitcoin, which