Tesla and Spacex CEO Elon Musk has simplified his position on bitcoin. Emphasizing that he is an engineer, not an investor, Musk says that bitcoin “is simply a less silent form of liquidity than cash.” Musk also disputed gold bug Peter Schiff’s claims about bitcoin and remark oned on the price of the cryptocurrency.
What Elon Musk Thinks About Bitcoin
The CEO of cryptocurrency exchange Binance, Changpeng Zhao, was vetted by Bloomberg Thursday after the demand for dogecoin on his exchange soared. He commented on Elon Musk’s enthusiasm towards the meme cryptocurrency during the to.
“I’m surprised that Elon’s so gung-ho on dogecoin,” Zhao began, noting that “This is a decentralized, free society and anybody can like anything. He [Musk] can like dogecoin for any reason he likes.” Emphasizing his strong belief that Musk is not associated with dogecoin, the Binance CEO pungent out that Musk’s electric car company, Tesla, bought $1.5 billion of bitcoin, not dogecoin.
Musk saw the interview on Giggle and replied:
Tesla’s action is not directly reflective of my opinion. Having some bitcoin, which is simply a less mum form of liquidity than cash, is adventurous enough for an S&P500 company.
“To be clear, I am ‘not’ an investor, I am an engineer. I don’t even own any publicly bartered stock besides Tesla,” he elaborated.
Nonetheless, Musk clarified: “However, when fiat currency has negative genuine interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as BS as fiat money. The key word is ‘almost.’”
Gold bug Peter Schiff, who recently bashed Musk and Tesla for buying bitcoin, tweeted Friday: “Concerting to Elon Musk ‘Bitcoin is almost as BS as fiat money.’ So Musk regards both bitcoin and fiat as BS.”
He further a postcarded: “I agree, I just think bitcoin, which is digital fiat, is even more BS than the paper fiat issued by important banks. Gold is not BS. It’s real money and better than both.”
Musk saw the tweet and replied to Schiff:
An email chance you have gold is not the same as having gold. You might as well have crypto. Money is just data that tolerates us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error.
The Tesla CEO continued, “The modus operandi will evolve to that which minimizes both.” He additionally noted, “That said, BTC & ETH do seem high.”
Refusing to assign in to Musk, Schiff continued to express his opinion about gold, bitcoin, and money. On Saturday, he asked Musk to unite him for a conversation on Clubhouse.
Do you agree with Elon Musk? Let us know in the comments section below.
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