On Thursday, Tesla Inc CEO Elon Musk defended Tesla’s move into bitcoin, saying that owning bitcoin was only a little better than holding conventional cash but that the slight difference made it a better asset to hold. However, when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a tweet. “Bitcoin is almost as bs as fiat money. The keyword is almost.”
Elon Musk defends Tesla’s action to invest in bitcoin.
Elon Musk defended Tesla’s action to invest in bitcoin, saying that the difference with cash made it “adventurous enough” for the S&P 500 company to hold the cryptocurrency. Tesla’s $1.5 billion bitcoin purchase set the cryptocurrency soaring toward this week’s record peak above $50,000, while Musk’s recent promotion of dogecoin on Twitter also lifted the price of that cryptocurrency. Bitcoin was steady just below a record peak of $51,284 on Friday. Tesla took both the corporate world and the cryptocurrency space by storm earlier this month when it announced this month it had put $1.5 billion of cash into Bitcoin.
Bitcoin continues to gain mainstream exposure.
Since Tesla’s investment in the leading cryptocurrency, bitcoin, the market has seen a frenzy. Several other big companies have made statements about their potential interest in bitcoin and other cryptocurrencies. As reported earlier, international payment giant Mastercard became the latest mainstream firm to embrace cryptocurrency last week, announcing plans to begin allowing cardholders to transact in certain cryptocurrencies. The international payment firm is also “actively engaging” with central banks worldwide on their plans to launch new digital currencies, Mastercard said in a blog post.