Cryptocurrency is exciting, but please invest with prudence,' says Elon Musk.

Elon Musk: Cryptocurrency is exciting, but please invest with prudence. Dogecoin achieved new "highs" earlier this week, partly owing to Musk's ongoing support. Tesla purchased bitcoin in the billions of dollars and accepted it as payment for its cars.

Elon Musk is slamming the brakes on bitcoin investment with zeal. Opinions on the future of cryptocurrencies differ significantly. Some believe it is as good as gold and will someday supplant currency, while others believe it is worthless and will crash.

Musk, who tweeted while preparing to present "Saturday Night Live" this week, have legions of online followers. The prank currency achieved new "highs" earlier this week, partly owing to Musk's ongoing support for the coin — trading at over $0.50 for a market cap of $69 billion.

Musk also stated that Dogecoin has a limited value since there is an endless supply instead of Bitcoin, which has artificial scarcity with a predetermined cap. "The point was that Dogecoin was developed as a joke, as necessary to mock cryptocurrencies," he said, "and that's why... I believe there is a case to be made that the most entertaining conclusion is the most akin to 'what would be the most ironic outcome?'

Musk has previously tweeted memes about Dogecoin. On the other hand, Tesla purchased bitcoin in the billions of dollars and accepted the cryptocurrency as payment for its automobiles.

When asked if Dogecoin is "the new money for the globe," Musk told the paparazzi in the video he shared, "I think it should be the will of the people, you know."