Connect with us

Dogecoin News

Bitcoin Purchase Is “Less Dumb” Than Holding Cash According To Elon Musk

Elon Musk has recently been responding to comments made about Tesla’s purchase of $1.5 billion worth of Bitcoin. Musk was reacting to comments made by the CEO of Binance during a recent interview on Bloomberg.

Tesla CEO Defends His Company’s Bitcoin Purchase

Zhao during an interview with Bloomberg revealed that he was surprised that Musk was “so gung-ho on Dogecoin. Binance is the biggest exchange in the world by volume that concentrates on cryptocurrencies. Zhao did point out that despite Musk’s support of Dogecoin, Tesla’s investment of $1.5 billion was for the heavyweight of cryptocurrencies Bitcoin.

Musk in response to these comments took to his Twitter account to tell his followers that Tesla’s Bitcoin purchase “is not directly reflective” of his opinion. He also said owning bitcoin is “simply a less dumb form of liquidity than cash” and is “adventurous enough for an S&P 500 company.”

Musk also wanted it to be known that he doesn’t hold any publicly traded stock aside from Tesla therefore he can’t be classified as an investor. These two quotes were the standout things to take away from this exchange.

“when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere.”

“Bitcoin is almost as bs as fiat money, The keyword is ‘almost.'”

Since Crypto Gained Musk’s Support Prices Have Soared

Since Tesla made this massive investment in Bitcoin the price has soared and at the time of writing is hovering between the $56-57k price range. This represents a huge return already as it was reported that Tesla got in somewhere around the $38K mark.

Due to the nature of Crypto, many other coins have followed suit with numerous coins hitting their all-time high or at the very least seeing significant gains. The Dogecoin price has the potential to ride again after this Bitcoin dominance halts and allows other altcoins to compete.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Dogecoin News