Elon Musk wants rappers to take his advice on cryptocurrency.
In a social media post shared by French Montana, the Tesla capo shared his thoughts about rappers investing in the crypto market — and he cautioned them against doing so.
“I definitely wouldn’t bet the farm on crypto,” he said in the video, while seemingly wearing a crypto T-shirt.
Rick Ross can also be seen, briefly, in the video, which you can check out below.
Elon Musk at Kanye’s event pic.twitter.com/Dx1kDwRiib
— DatPiff (@DatPiff) February 23, 2022
According to Indy100, Elon Musk was at a star-studded event in Miami which was hosted by Kanye West. The Hip-Hop producer-turned-billionaire mogul held a listening party for his new album, “Donda 2.”
As AfroTech previously reported, rappers are quickly getting involved in the crypto game. As was reported yesterday, Drake recently gifted Kodak Black more than $300,000 in Bitcoin — and this came after the “Controlla” rapper’s Super Bowl wins with the popular crypto coin.
As also recently reported by AfroTech, some rappers — like Gunna — are allegedly getting involved in what’s known as a “rug pull.” This is when a crypto coin is hyped up thanks to things like a celebrity endorsement, which succeeds in driving the price up to unprecedented heights — especially if it happens before the coin actually goes live. But when the coin goes live, all the assets are pulled out — like “pulling the rug out from underneath” — which renders the coin useless.
Crypto investors are often cautioned that the unregulated market is very volatile and that the investor should refrain from investing in the cryptocurrency if s/he can’t afford the high-risk payoffs.
Still, while Elon Musk may be more knowledgeable than most when it comes to cryptocurrency, it’s always wise to seek the advice of an investment professional before one throws his or her money behind any type of investment.
Elon Musk has a history with cryptocurrency — specifically Dogecoin
For all that Elon Musk claims he doesn’t want to “bet the farm” on cryptocurrency, he sure benefits from it — and, specifically, from Dogecoin.
CNBC reports that just one tweet from Musk can send the coin skyrocketing. In January 2022, for example, Dogecoin’s value jumped by 15 percent after Musk announced he’d accept the cute crypto coin as an acceptable form of payment for Tesla merchandise.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
Of course, he could use all the money he could get. Despite a net worth of approximately $225 billion — with the International Business Times reporting that Musk’s net worth bumped up by nearly $200 billion during the pandemic — Tesla faces a bevy of racial discrimination and abuse lawsuits, some of which are still pending.