“Only A Fool Wouldn’t Look at Bitcoin” – Elon Musk

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SpaceX owner and Tesla CEO Elon Musk poses as he arrives on the red carpet for the Axel Springer Awards ceremony, in Berlin, on December 1, 2020. (Photo by Britta Pedersen / POOL / AFP) (Photo by BRITTA PEDERSEN/POOL/AFP via Getty Images)
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World’s second richest man, Elon Musk, who is a huge promulgator of digital currencies, Bitcoin especially, has described the digital asset as better than conventional cash.

Musk’s Tesla had purchased $1.5 billion worth of the tokens in the previous week and had seen instant success as Bitcoin gained over 10% to an all time high value of over $52,800 as at noon on Friday. The market cap of the total cryptocurrency market has also exceeded $1.6 trillion, another record.

“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,” wrote Musk, replying to a tweet by Bloomberg.

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“To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla. However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is ‘almost’.”

He insinuated that both currencies were unstable but that Bitcoin remained the lesser evil.

Following a surprise loss in stocks of Tesla, Musk had earlier in the week lost the richest man title to Amazon CEO, Jeff Bezos.

 

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