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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Dan Burgin
Vladislav Sopov
U.Today Editorial Team