Bitcoin is Almost as Bad as Fiat, Elon Musk Says

Bitcoin is Almost as Bad as Fiat, Elon Musk Says

Tesla’s Elon Musk continues with his controversial opinions on bitcoin. After recently saying that he is a supporter and BTC is a “good thing,” he now called the primary cryptocurrency “almost as bs as fiat money.”

Musk: BTC Is Slightly Less Dumb Than Cash

The latest Musk comments on the cryptocurrency came as a response to Changpeng Zhao’s interview with Bloomberg. In it, the CEO of Binance outlined Musk’s support for Dogecoin but noted that Tesla’s CEO has ultimately decided to allocate $1.5 billion from the firm’s excess cash in BTC.

However, Musk responded that the massive purchase from the electric vehicle giant is “not directly reflective of my opinion.”

Furthermore, he added that owning bitcoin is “adventurous enough for an S&P500 company” because the asset is “simply a less dumb form of liquidity than cash.”

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.

— Elon Musk (@elonmusk) February 19, 2021

Musk went on to explain that he is an engineer, not an investor. As such, he has no other stocks of publicly traded companies besides Tesla. However, even not as an investor, he could see that fiat currencies provide “negative real interest,” which propels people to look elsewhere for better alternatives.

“Bitcoin is almost as bs as fiat money. The key word is ‘almost.’” – Musk concluded.

What Happened With The Previous Endorsement?

The aforementioned Musk comments came as a bit of a surprise, having in mind his previous positive endorsement of the primary cryptocurrency.

During a Clubhouse speech, the executive said, “bitcoin is a good thing,” and that he is a supporter. Moreover, he regretted not purchasing any eight years ago when the cryptocurrency’s price was significantly lower.

Additionally, Musk had updated his Twitter profile to display only the word “Bitcoin,” which was also regarded as a step in the right direction by the community. Adding the later-revealed Tesla purchase of $1.5 billion in BTC, it seemed that Musk had finally come onboard on the bitcoin bull train.

However, calling the cryptocurrency “almost as bs as fiat money” doesn’t seem all that positive at all.

The ever-vocal crypto community rushed to defend BTC and to question his changing opinion. Blockstream CSO Samson Mow touched upon Musk’s previous regret by saying that “you are just sad you didn’t buy sooner.”

Featured image courtesy of The Mercury News

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 Jeannie Propes

Jeannie Propes– Technology My Name is Jeannie Propes, and I am 29 years old who is an industrialist other than a writer. I want to catch the attention of my audience and publishers without sound too dry and dull. I am the sort of person who adores his spare time by writing my thoughts and ideas for my audience or readers. My writing skills are not confined to any specific field, I wrote on many topics, but technology and stock Market articles are always my favorite. I love to express myself through creative modes such as drawing, singing, and writing. I love to spend my leisure time with my beloved cat, sleep or by playing my favorite video games.

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