Tesla and Spacex CEO Elon Musk clarified his position on Bitcoin. Musk emphasized that he is an engineer, not an investor. He said that Bitcoin is “just a more stupid liquidity than cash.” Musk also disputed the claim of the gold bug Peter Schiff regarding Bitcoin and commented on the price of the cryptocurrency.
Elon Musk’s views on Bitcoin
Changpeng Zhao, CEO of cryptocurrency exchange Binance, was interviewed by Bloomberg on Thursday, after the exchange’s demand for Dogecoin surged. In the interview, he commented on Elon Musk’s passion for meme cryptocurrency.
“In the beginning, I was surprised that Elon was so fanatical about Dogecoin,” Zhao said, noting: “This is a fragmented, free world, where anyone can like anything. He [Musk] You can like Dogecoin for any reason. While stressing that he firmly believes that Musk has nothing to do with Dogecoin, the CEO of Binance pointed out that Musk’s electric car company Tesla bought $1.5 billion in Bitcoin, not Dogecoin.
Musk saw the interview on Twitter and replied:
Tesla’s actions do not directly reflect my views. For S&P 500 companies, owning some Bitcoin (much simpler than liquidity, not cash) is much more risky.
“To be clear, I am not an investor, but an engineer. He said: “Except for Tesla, I don’t even own any publicly traded stocks. “
Despite this, Musk clarified: “However, when the real interest on legal tender is negative, only fools will not look elsewhere. Bitcoin is almost the same as legal tender BS. The keyword is “almost.”
The gold bug Peter Schiff recently criticized Musk and Tesla for buying Bitcoin, and wrote on Twitter on Friday: “According to Elon Musk, Bitcoin is almost like Legal currency is the same as BS. Therefore, Musk treats both Bitcoin and legal currency as BS.”
He further wrote: “I agree, I just think that the digital legal currency Bitcoin has a higher bachelor’s degree than the written legal currency issued by the central bank. Gold is not BS. This is real money, and it is better than both.”
Musk saw this tweet and replied to Schiff:
An email says that you own gold is different from owning gold. You may also need encryption. Money is just data that allows us to avoid the inconvenience caused by barter transactions. Like all data, this data is subject to delays and errors.
The Tesla CEO continued: “The system will be developed to minimize the two.” He also pointed out: “That is, BTC and ETH are really high.”
Schiff refused to give in to Musk and continued to express his views on gold, bitcoin and currency. On Saturday, he asked Musk to have a conversation with him in the Clubhouse.
Do you agree with Elon Musk? Let us know in the comments section below.
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