Elon Musk Pours Cold Water on Dogecoin Enthusiasts Ahead of SNL's 'The Dogefather'

Tesla CEO Elon Musk is all set to host the Saturday Night Live skit 'The Dogefather' and the show will be premiered worldwide on May 8, 2021. Cryptocurrency Dogecoin is the center theme of the comedy show and just a day before the telecast, Musk told TMZ while signing autographs to fans that people should be wary of cryptocurrencies and not invest their life savings in to it.

Dogecoin Cryptocurrency
Twitter / Dogecoin

Musk, who was outside the SNL building heading home, was mobbed by fans and reporters asking questions and taking autographs and a reporter from TMZ asked ''Can Dogecoin really be the next currency of the world?'' The Space X founder responded with caution asking people not to put their life savings in to it.

''I think people should not invest their life savings in cryptocurrencies,'' he said and advised people not to go ''too far'' in the crypto market as the blockchain technology runs on speculation. Musk stated that if Dogecoin would be the future currency, there are multiple cryptos out there trying to make it to the top and said, ''So which one's are they going to be?''

Dogecoin Was Invented Just To Make Fun Of Bitcoin, Says Elon Musk

Elon Musk stressed on the fact that Dogecoin was introduced in 2013 by two software engineers as a joke only to make a parody out of Bitcoin. ''The point is that Dogecoin was invented as a joke,'' but said it would be a fabulous ''fate loves irony'' situation if Doge ends up beating Bitcoin in its own game in the future.

For the uninitiated, the phrase 'fate loves irony' describes a situation where the opposite of what we expect happens and famous examples would be a fire station catching fire or a swimming coach dying from drowning.

Elon Musk Saturday Night Live SNL Preparations
Elon Musk preparing for his upcoming Saturday Night Live show. Twitter / Saturday Night Live

However, when the reported shouted Dogecoin ''to the moon'' Musk replied and acknowledged, ''To the moon'' with a smile on his face.

The reporter also shouted that ''Dogecoin went up when you tweeted'' and Musk laughed at the question and simply walked towards his car waving to fans. Dogecoin at the time of publishing was trading at $0.59 and investors hope it would touch the $1 mark after Saturday Night Live's telecast.