“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’.”
@business To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides… https://t.co/OxZLHvxCVR
— Elon Musk (@elonmusk) 1613704291000
He also 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.