Owning Bitcoin is only a little better than holding cash, as per Elon Musk

Tesla CEO Elon Musk on Thursday said that it is slightly better to invest in Bitcoins than holding conventional cash, and Bitcoins are a better asset to hold.

Musk also defended Tesla's action to invest in Bitcoin. File photo of Elon Musk. (AFP)
Musk also defended Tesla's action to invest in Bitcoin. File photo of Elon Musk.

"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 keyword is 'almost'."

Also Read : Tesla is one of the greatest contributors to climate change: Bill Gates

Musk also defended his electric car company's action to invest in Bitcoin. He said that the difference with cash made it "adventurous enough" for the S&P 500 company to hold the cryptocurrency.

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Tesla previously announced a $1.5 billion Bitcoin investment which pushed the cryptocurrency toward the week's record peak over $50,000. Musk also tweeted a meme on Dogecoin which also lifted the price of the lesser-known cryptocurrency. Bitcoin was steady just below a record peak of $51,284 on Friday.

Elon Musk on Friday regained the title of the world's richest person after SpaceX completed another funding round which lifted the Tesla CEO to the top of the Bloomberg Billionaires Index. Musk's wealth soared to $199.9 billion after SpaceX finished the latest funding round. He flew past Amazon’s Jeff Bezos once again, who recently reclaimed the title as the world’s richest person for a brief period. Bezos is currenlty valued at $194.2 billion.

Also Read : Bill Gates ‘has no clue’ about powering electric trucks, says Tesla's Elon Musk

SpaceX raised $850 million from Sequoia Capital's group-led investors. Thanks to the round, Musk's net worth has been increased by about $11 billion.

(With inputs from Reuters)

First Published Date: 19 Feb 2021, 12:15 PM IST
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