An expert has warned the public to beware of influencers backing cryptocurrency.

Tesla CEO Elon Musk has spent the last year backing Dogecoin via Twitter, and his influence has caused value crests and troughs in other tokens.

But, CEO of Scandinavian trading company Skilling, said that while these influencers have helped to ignite interest, they can ultimately cause losses too.

He told Express.co.uk people shouldn't buy currency on the whim of a prominent figure.

He said: "Social media and financial influencers are great at introducing the concept of cryptocurrency, but investors need to recognise the entertainment value that occurs online, and look deeper into crypto themselves before making any decisions.

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