Tesla’s Bitcoin investment helped it reach an all-time high in terms of the price of the digital asset. But according to Tesla’s CEO Elon Musk, the $ 1.5 billion invested in BTC was “crazy enough” for this.
Musk’s statement was in response to an interview by Binance CEO Changpeng Zhao to Bloomberg. Zhao said he found it surprising that Musk loves Dogecoin so much. Zhao emphasized that Tesla still bought Bitcoin, not Dogecoin.
As it is known, Musk has been working for the popularity of Dogecoin for a long time, and the tech entrepreneur’s tweets often contribute to the exponential increase in the price of DOGE. But the CEO of one of the world’s largest crypto exchanges does not fully understand Musk’s DOGE advocacy.
In the past, Tesla CEO claimed that it would be ironic for DOGE, created to mock cryptocurrencies, to become the cryptocurrency of the future. But while it’s not clear whether Musk invested in DOGE, Tesla did indeed invest in Bitcoin. At this point, Musk commented on the question of whether he will now accept himself as a proponent of Bitcoin:
“Bitcoin is a little less silly liquidity choice than cash, which is crazy even for a company listed on the S & P500 to buy Bitcoin.”
In fact, Musk went on to call Bitcoin “almost as absurd as fiat money,” adding that the fiat currency has a negative real interest, “just a fool won’t look anywhere else.”
“I want to clarify that I am not an ‘investor’. I am an engineer. I don’t even have any other shares other than Tesla’s shares. But in this period when fiat money gives negative interest; It would be foolish not to look for an alternative. Bitcoin is almost as ridiculous as fiat money. The key word is ‘almost’. ”
Musk responded to a user who asked him why he found Bitcoin “ridiculous” by telling him how “old” his technology was.
The Bitcoin market has grown tremendously over the past year. It started 2021 at approximately 29 thousand dollars and at the time of writing it is traded over 50 thousand dollars. Looking at the tremendous growth recorded by BTC and the weakening of the US dollar, many investors turned to Bitcoin.
Although Musk chooses to be an “engineer” and not an “investor,” the truth is that Tesla’s acquisition of BTC reflected positively on BTC’s value.