Musk called for caution when investing in cryptocurrencies

Today, American businessman and billionaire Elon Musk called for caution when investing in cryptocurrencies, which he nevertheless described as “promising”. The head of the British Central Bank, Andrew Bailey, said on Thursday that cryptocurrencies have no intrinsic value. According to him, people who invest in them should be prepared that they can lose all the money invested.

Prices for digital currencies, such as bitcoin and ethereum, are experiencing strong growth this year. This reminds some investors of the 2017 bubble, when the price of bitcoin climbed to almost $ 20,000, but dropped to $ 3,122 the following year, according to CNBC. At present, the price of bitcoin is around $ 58,000, which has roughly doubled since the beginning of this year.

“Cryptocurrency is promising, but please invest with caution,” Musk wrote on his Twitter account today. He also added a video from an earlier interview with the TMZ news portal, in which he expressed a similar attitude. “People should not invest their life savings in cryptocurrency,” he said in an interview. “That’s unreasonable,” he added.

Musk is the co-founder and head of the Tesla electric car manufacturer. He announced this year that he had invested $ 1.5 billion in bitcoin and that he had decided to start accepting the currency as payment for his cars.

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