Before 'Turning On' With Bitcoin, Elon Musk Once Warned: 'Promising Money, But Invest With Caution

Tesla CEO said: "People should not invest their life savings in cryptocurrencies. It is an unwise move."

Recently, Elon Musk made a remarkable statement: Tesla will halt its plan to accept Bitcoin as a means of payment when customers buy their cars.

The billionaire wrote on Twitter: " We are concerned about the rapid increase in the use of fossil fuels to mine and trade Bitcoin, especially coal. Digital currency is a good idea in many places. aspect and we believe it has a promising future. However, this cannot come at a cost to the environment ."

Musk said that Tesla still holds Bitcoin and will only trade when mining and trading this coin uses a more sustainable energy.

Just minutes after the above statement, the Bitcoin price dropped 5%. A few hours later, the price of the world's most popular digital currency sometimes bottomed to just over $46,000/dong and then recovered slightly.

Elon Musk's move to "turn around" is in stark contrast to what this billionaire has done in recent months. In early February, Tesla announced that it had spent $1.5 billion on Bitcoin and would soon let customers use Bitcoin to buy its cars. By the end of March, Elon Musk said that users in the US were able to buy Tesla cars with Bitcoin.

And now, he has "turned his back" on this digital currency through his latest statement, making Bitcoin bettors nervous. According to CNBC, about $ 365 billion has evaporated from the cryptocurrency market after the above incident. By 9:22 am on May 13, Singapore time, the market had recovered somewhat when only evaporating $165.75 billion.

Notably, before making the announcement that Tesla was suspending Bitcoin payments, Musk once wrote on Twitter on May 7: "Cryptocurrency is very promising but invest with caution ".

The Tesla CEO also mentioned a video of his interview with TMZ in February. In which the billionaire said: " People shouldn't invest their life savings in cryptocurrencies. It's a bad move. wise ".

This message was sent by Musk before appearing on "Saturday Night Live" on May 8. During the show, Musk once again voiced his support for Dogecoin.

Before that, the billionaire had many times supported Bitcoin and Dogecoin on Twitter. This has contributed to pushing the price of the two digital currencies up many times.

Meanwhile, many experts have warned that investors when pouring money into cryptocurrencies. At a press conference not long ago, when asked about the bullish trend of some cryptocurrencies, Andrew Bailey – who used to be the chief executive officer of the UK Financial Conduct Authority (FCA) emphasized. : " Only buy cryptocurrencies when you are prepared to lose your investment ".

Another expert commented: " Since their values do not correspond to some underlying source of value - like real estate, profits or interest rates, there is virtually no way to predict whether they will increase. or decrease at any given time. People can only speculate. "

In particular, this expert said that while all cryptocurrencies carry risks, Dogecoin seems to be the kind of money that can cause investors to " lose almost all of their money because it has no internal value." at