Elon Musk, the CEO of Tesla, said that having bitcoins is much better than holding conventional cash currency. It is a slight difference, which makes this a better asset.
“However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a tweet. “Bitcoin is almost as bs as fiat money. The key word is ‘almost.”
Musk had also called Tesla’s $1.5 billion bets for Bitcoin a much adventurous investment for the firm. One of the loudest acolytes called out for the advocacy of a billionaire for the less popular Dogecoin.
“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company,” Musk wrote in a tweet in response to a Bloomberg TV interview with Binance Holdings Ltd CEO Changpeng Zhao.
Tesla has taken both the corporate world and space of cryptocurrency by storm as it announced that it had put $1.5 billion of cash for bitcoins. It is promoting a definite surge in the price of bitcoin. It has also enhanced the talks regarding the risks and advantages of adding cryptocurrencies to balance sheets in the corporate sphere.
Zhao said in his interview said that he is surprised enough to know, Musk is an admirer of Dogecoin, which actually outperformed bitcoin this year. Elon Musk, the world’s richest man, came up with his tweets about the Shiba Inu-themed Cryptocurrency, which actually started as a joke in 2013. Binance, on the other hand, has recently added Dogecoin futures to its platform for satisfying new liquidity of demand.
Zhao is wondering why Tesla has opted to purchase bitcoins if Musk is so interested in Dogecoin. His remarks urged Musk to explain his move in Tesla, which also includes planning to accept Bitcoin as a significant payment method.
Tesla’s purchase worth of $1.5 billion bitcoins made the cryptocurrency rise high this week with its all-time high of $50000. On the contrary, Elon Musk’s latest promotion about Dogecoin on Twitter also made the particular cryptocurrency’s price high.