Elon Musk says bitcoin is slightly better than holding cash

Published February 19, 2021
Representations of virtual currency Bitcoin are placed on US Dollar banknotes in this illustration. — Reuters/File
Representations of virtual currency Bitcoin are placed on US Dollar banknotes in this illustration. — Reuters/File

Tesla Inc Chief Executive Officer Elon Musk on Thursday said that owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold.

“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’.”

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.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

When medicine fails
18 Nov, 2024

When medicine fails

WHO would have thought that the medicine that was developed to cure disease would one day be overpowered by the very...
Nawaz on India
18 Nov, 2024

Nawaz on India

NAWAZ Sharif is privy to minute details of the Pakistan-India relationship, for, during his numerous stints in PM...
State of abuse
18 Nov, 2024

State of abuse

DESPITE censure from the rulers and society, and measures such as helplines and edicts to protect the young from all...
Football elections
17 Nov, 2024

Football elections

PAKISTAN football enters the most crucial juncture of its ‘normalisation’ era next week, when an Extraordinary...
IMF’s concern
17 Nov, 2024

IMF’s concern

ON Friday, the IMF team wrapped up its weeklong unscheduled talks on the Fund’s ongoing $7bn programme with the...
‘Un-Islamic’ VPNs
Updated 17 Nov, 2024

‘Un-Islamic’ VPNs

If curbing pornography is really the country’s foremost concern while it stumbles from one crisis to the next, there must be better ways to do so.