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.

E15 Cast - Jan Vávra: "The growth of cryptocurrencies should end by the end of the year"

Source: E15.cz by www.e15.cz.

*The article has been translated based on the content of E15.cz by www.e15.cz. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!