Elon Musk on Tesla's Bitcoin Bet: "Only a Fool Wouldn't Look Elsewhere"

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Fri, 02/19/2021 - 05:33
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Alex Dovbnya
Billionaire Elon Musk says Bitcoin is simply "less dumb" form of liquidity than cash
Elon Musk on Tesla's Bitcoin Bet: "Only a Fool Wouldn't Look Elsewhere"
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In a recent tweet, Tesla CEO Elon Musk says that Bitcoin is "adventurous enough" for an S&P 500 company, defending the e-car manufacturer's recent $1.5 billion bet on the largest cryptocurrency. 

He claims that Bitcoin is "simply a less dumb form of liquidity" compared to fiat:       

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.  

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While clarifying that he's an engineer, not an investor, Musk claims that it would be foolish for anyone not to look "elsewhere" in the era of negative real interest. 

Musk—who's reclaimed his title of the world's richest man after SpaceX's blockbuster funding round—also joked about Bitcoin being "almost" as bad as fiat money:       

Somehow, a hash text file using ancient crypto can be exchanged for real goods & services!? Amazing. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.