Elon Musk says Bitcoin is ‘almost’ as b.s. as fiat money

Tesla’s big boss Elon Musk has said that investing in Bitcoin is a “less dumb form of liquidity” compared to conventional cash after the electric car builder acquired $1.5 billion of the cryptocurrency recently.

In response to a comment made by Binance chief executive Changpeng Zhao, the Tesla CEO called the company’s bitcoin acquisition as “adventurous enough” to be included in the S&P500 list.

This, as the most sought-after crypto’s market cap hits the $1 trillion level as believers pile into the world’s largest digital token. For this week alone, the price of bitcoin rallied by roughly 10%.

Change of heart

Tesla’s biggest bitcoin purchase thus far pushed its price past the $56,000 level to set another record, while Musk’s recent promotion of dogecoin on Twitter likewise lifted the crypto’s price.

Within weeks of sending bitcoin climbing with his comments supporting the crypto on social media, Musk on Friday night seemed to have had a change of heart.

“To be clear, I’m not an investor. I’m an engineer,” Yahoo Finance quoted the billionaire entrepreneur as saying on Twitter. “I don’t even own any publicly traded stock besides Tesla.”

That’s bull spit!

Musk added that “when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere.” Bitcoin is almost as b.s. as fiat money. The keyword is “almost.”

At last check, bitcoin traded at $56,079, advancing almost 7.8%, figures from CoinDesk shows. The most popular token has added over $415 billion of value so far this year with far bigger returns compared to other assets like gold and stocks, data gathered by Bloomberg indicate.

Neil Wilson, Markets.com chief market analyst, said bitcoin’s surge “highlights the power that Elon Musk has in shaping price action and moving markets. He’s now putting his money where his mouth is,” according to YF.

Meanwhile, Musk’s rhetoric – a change of heart of sorts on his previous fondness for bitcoin – has yet to resonate in the broader markets.

 

Image courtesy of Business Casual/YouTube Screenshot

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