Elon Musk, the CEO of Tesla terms Bitcoin as less dumb as compared to cash. He recently had invested $1.5 billion in cryptocurrency. In a separate video, Musk warned the users to avoid spending all of their life savings on cryptocurrency.
Musk feels that Bitcoin is less dumb than cash. He is a person usually less open on social media. He spitted about his passion for cryptocurrency. Recently, he invested $1.5 billion in cryptocurrency and now we know why he feels “cash” dumb when compared to Bitcoin.
Musk tweeted in response to an interview of Binance CEO Changpeng Zhaoposted by Bloomberg TV, “Tesla’s action is not directly reflective of my viewpoint. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
Binance is the largest platform of cryptocurrency. Zhao said in the interview that Musk, though favors Dogecoin, Tesla invested $1.5 billion in Bitcoin instead of Dogecoin.
To which he replied, “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 a negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The keyword is –almost.”
Tesla’s 10-K report confirmed On February 8, with the United States Securities and Exchange Commission (SEC) that Tesla made an investment of $1.5 billion in the Bitcoin cryptocurrency.
The company reported, “We invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products soon, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
However, in a separate video, Musk warned users to not spend all their life savings on cryptocurrency.
It is interesting to know that the video was just a day before Tesla announced its bitcoin investment. “People should not invest their life savings in cryptocurrency, to be clear — that’s unwise,” Musk said. “There’s a good chance that crypto is the future currency of Earth, and it’s like which one’s it going to be? Maybe it’ll be multiple. It should be considered speculation at this point. So don’t go too far with the crypto speculation front,” Musk further explained.
Moreover, Twitter CEO Jack Dorsey in collaboration with rapper Jay Z had revealed that they are increasing Bitcoin interest in India. He told that they both are giving 500 BTC making about $23.7 million, to a new finance funding Bitcoin development focusing on teams in Africa and India.