Elon Musk: ‘Cryptocurrency is promising, but please invest with caution’

Elon Musk: ‘Cryptocurrency is promising, but please invest with caution’

Elon Musk, the CEO of Tesla and SpaceX, has been a key proponent in the latest surge of interest in dogecoin, according to analysts, as he consistently tweets about the cryptocurrency.

But ahead of his appearance on "Saturday Night Live" on NBC on May 8, Musk had a new message for his 53 million Twitter followers.

"Cryptocurrency is promising," Musk wrote on Friday, "but please invest with caution!"

Musk also linked a video to an interview he did with TMZ in February, where he expressed the same sentiment.

"People should not invest their life savings in cryptocurrency, to be clear," Musk told TMZ. "That's unwise."

But, he said, "if you want to speculate and have some fun — there's a good chance that crypto is the future currency of Earth. Then it's like, which one is it going to be? Maybe there will be multiple. But, it's all speculation at this point."

While most do not see cryptocurrency as the future reserve currency, experts agree that those buying it should only invest what they can afford to lose.

"Because their value doesn't really correspond to some underlying source of value — such as real estate, or profits, or interest — there is almost no way to predict