Should You Invest in Bitcoin? Here's What EloN Musk Thinks

Bitcoin is the most-established cryptocurrency and many argue it's the "safest" in what is a high-risk asset class. As such, it's well positioned to survive a prolonged market crash and -- as Musk points out -- potentially change the way we use money. However, this is a relatively new and unregulated market and there's a lot we don't know about how it will evolve.

READ MORE: Best Crypto Apps and Exchanges

One golden rule is to only invest money you can afford to lose in Bitcoin. That way, you'll be able to benefit from any gains without facing financial disaster if it collapses. Before you invest, stock up your emergency fund and make sure you're up to date on things like your retirement savings. Don't prioritize crypto over your other financial goals.

When you see headlines about people who've become Bitcoin billionaires, it is tempting to go all in. Instead, try to make sure high-risk assets like crypto only represent a small percentage of your overall investments. Financial advisors increasingly recognize that Bitcoin can play a role in a balanced portfolio, but the key is balance.

Ultimately, the decision to invest in Bitcoin depends on several factors. These include your financial situation and your views on how Bitcoin might perform in the long term. And don't take Elon Musk's word about crypto -- or any other commentators for that matter. Do your own research into what Bitcoin might do, what the risks are, and how blockchain technology might evolve.