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Despite its social media backing from investing celebrities, Yermack still cautions that there is a lot of risk involved for everyday investors who may have their eyes on Bitcoin.

\"Bitcoin over its history has been very risky,\" he said. Yermack noted that Tesla's $1.5 billion in Bitcoin \"is a tiny investment for them relative to the size of the firm\" as Tesla is valued at some half a trillion dollars.

\"I think relative to fiat currencies there's at least a case to be made that it has better long-term store value because of the potential for lower inflation,\" he said. \"But if one resorts to the data it has been very unstable ... it has been much more volatile than any currency and really much more volatile than even technology stocks and and other risky equity investments.\"

While cash-rich companies might be able to dabble in Bitcoin, for everyday investors, Yermack cautioned, \"I think you should be careful and not put in any money that you're not prepared to lose.\"

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