● Elon Musk (Tesla and SpaceX CEO) says investing in Bitcoin is an excellent bold move for an S&P 500 company, but it’s almost as bad as fiat currencies.
● Crypto community suggests that Musk’s latest comment expressed sadness from not purchasing BTC earlier.
● People only buy Bitcoin because it’s a little less dumb than fiat money – Musk
Electric car billionaire, Elon Musk has continued his divisive opinions about Bitcoin. In his latest comments, musk labeled the leading cryptocurrency as “almost BS as fiat money,” these comments come after declaring his support for BTC, saying, “it’s a good thing.”
“Bitcoin is Only a Little Dumber Than Cash” – Musk.
Musk’s latest Bitcoin comments were part of his response to Bloomberg’s interview with Changpeng Zhao, CEO Binance. During the interview, Zhao acknowledged the billionaire’s support for Dogecoin but was surprised that the billionaire CEO chose to invest $1.5 billion of Tesla’s excess cash into Bitcoin. Musk responded with a tweet saying, “Tesla’s action doesn’t reflect my personal opinion.”
He further said that Bitcoin’s liquidity is only a little dumber than cash, even though it’s a bold move for an S&P-500 company. This statement can be seen as a defense for Tesla’s $1.5 billion investment in Bitcoin.
He explained his tweets by emphasizing that while he is primarily an engineer by profession, he doesn’t have to be an investor to understand that fiat currencies offer “negative real interest”. Thus, investors seek better options than these fiat currencies.
He also said this explains why he only owns Tesla’s stocks and no other publicly traded companies. Musk concluded his tweet with the words, “Bitcoin is almost as BS as fiat currency. ‘Almost’ being the keyword.”
Why A Change In Tune After Previously Declaring His Support For BTC?
It would be recalled that Musk openly endorsed the top cryptocurrency during a clubhouse speech, saying, “he is a supporter of Bitcoin and it’s a good thing.” hence, Musk’s latest comments came as a surprise. He even went as far as saying he still regrets not purchasing the cryptocurrency eight years ago when its price wasn’t as high as it is now.
Also, the multi-billionaire updated his Twitter profile to showcase the word “Bitcoin”. A move the Bitcoin community regarded as a positive step in declaring his support for Bitcoin. Then, when Musk later revealed Tesla’s $1.5 billion investment in Bitcoin, it seemed he was now willing to ride on the Bitcoin bull fully.
Hence, his latest comments labeling cryptocurrency as “almost BS as fiat money” isn’t an expression of support in any way.
The always outspoken crypto community challenged his new opinion and defended BTC. Samson Mow, BlockStream’s CEO, remarked on musk’s regret comment by saying that his latest remarks were his way of expressing the sadness of not buying the cryptocurrency many years ago.
However, despite Musk’s comments, a recent Yahoo! Finance survey showed that two-thirds of investors are still interested in buying Bitcoin this year. Over 50% of them believe that the cryptocurrency will rise in value to about $60,000 this year.
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