Stocks

bitcoin: Elon Musk says bitcoin is slightly better than holding cash

Tesla Inc Chief Govt Officer Elon Musk on Thursday stated that proudly owning bitcoin was solely slightly higher than holding typical money, however that the slight distinction made it a greater asset to carry.

“Nonetheless, when fiat forex has destructive actual curiosity, solely a idiot would not look elsewhere,” Musk stated in a tweet. “Bitcoin is sort of as bs as fiat cash. The important thing phrase is ‘virtually’.”

He additionally defended Tesla’s motion to put money into bitcoin, saying that the distinction with money made it “adventurous sufficient” for the S&P 500 firm to carry the cryptocurrency.

Tesla’s $1.5 billion bitcoin buy set the cryptocurrency hovering towards this week’s file peak above $50,000 whereas Musk’s current promotion of dogecoin on Twitter additionally lifted the value of that cryptocurrency.

Bitcoin was regular slightly below a file peak of $51,284 on Friday.

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