Elon Musk Warns Cryptocurrency Investors To Be Cautious Ahead Of ‘SNL’ Appearance

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Deadline 07 May, 2021 - 04:23pm 17 views

When Will Elon Musk be on SNL?

Elon Musk, the temperamental CEO of Tesla and SpaceX chief designer, will host 'Saturday Night Live' on May 8, with Miley Cyrus as musical guest. Los Angeles TimesWhen is Elon Musk on 'SNL'? Date, time, cast reactions, news

What's behind Dogecoin?

Dogecoin is a cryptocurrency that started as a joke in 2013. It is a satirical homage to bitcoin, designed to serve no real purpose other than generating a few laughs. It is named after an internet meme centered around the image of a Shiba Inu dog with bad spelling habits—thus “doge” instead of “dog.” The Wall Street JournalWhat Is Dogecoin, How to Say It, and Why It’s No Longer a Joke

What Elon Musk said about Dogecoin?

Asked about dogecoin, Musk said: "The point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrency." He added: "Fate loves irony… What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes the real currency." Business Insider South AfricaElon Musk says dogecoin might be the future of cryptocurrencies - but tells fans they should still be careful

Has Elon Musk invested in Dogecoin?

“People should not invest their life savings in cryptocurrency, to be clear,” Musk told TMZ. ... Musk, in particular, has supported dogecoin, a cryptocurrency that started as a joke which portrays a shiba inu dog, as he told TMZ. CNBCElon Musk: 'Cryptocurrency is promising, but please invest with caution'

Elon Musk’s guest-hosting appearance on this week’s Saturday Night Live has already caused a stir among the cast and the easily outraged. It’s also affecting the price of one of his major cryptocurrency interests, so much so that he warned investors Friday to be careful.

Musk is a major supporter of Dogecoin, a cryptocurrency that’s up more than 14%  today. Speculators are betting that Musk will say something on SNL that will send the digital currency soaring. He’s hyped the currency in the past, with Doge rising significantly after his prompts.

Such market manipulation is a grey area in cryptocurrency investing. Doge, like its rivals bitcoin, ether and Litecoin, is not currently considered a security by the U.S. Securities and Exchange Commission, which regulates the stock market and prosecutes those who manipulate those holdings.

But cryptocurrency is a largely unregulated marketplace at present. Thus, it’s not a violation to tout a particular coin. That’s led to speculators pumping up Musk’s appearance.

Musk tried to put the brakes on that today before his appearance tomorrow on SNL.

“Cryptocurrency is promising, but please invest with caution!” the Tesla CEO tweeted early Friday morning to his 53 million Twitter followers. He added a video from February in which he told TMZ, “First of all, I think people should not invest their life savings in cryptocurrency, to be clear. I think that’s unwise.”

He added that putting money into cryptocurrency “should be considered speculation at this point.”

Dogecoin, which started as a joke, is now up more than 10,000% since the beginning of the year, according to media outlet Coindesk.

Musk has beaten the drums for Dogecoin on Twitter for months, at one point changing his Twitter bio to read, “Former CEO of Dogecoin.”

Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq

— Elon Musk (@elonmusk) May 7, 2021

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