Tesla CEO Elon Musk, a proponent of cryptocurrencies, has advised people not to invest their life savings in digital assets. In a video released by TMZ on YouTube, Musk said that while he thinks that crypto could be the future currency around the world, people should not go too far with Bitcoin, Ethereum, Dogecoin and others.

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“First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise,” the 49-year-old billionaire said in the video. Musk shared the video on his Twitter handle and wrote, “Cryptocurrency is promising, but please invest with caution!”

Notably, Musk’s comments on cryptocurrencies in the past have sent their prices soaring. Earlier this year, when he added the hashtag ‘bitcoin’ to his Twitter bio, Bitcoin‘s prices rose to a record high. 

In the clip, when the Tesla CEO was asked about Dogecoin, he said that what started as a joke has now become a real cryptocurrency. It was invented “essentially to make fun of cryptocurrencies.”

Musk announced last month that Tesla sold 10% of its Bitcoin shares to make the liquidity of the cryptocurrency evident. During the January-March quarter of 2021, Tesla had invested $1.5 billion in Bitcoin.