Tesla Inc. Chief Executive Officer (CEO) Elon Musk on Thursday said that owning bitcoin was only a little better than holding conventional cash, but that slight difference made it a better asset to hold or invest.
He said, “When state-regulated money has a negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost like fiat money. The keyword is ‘almost’.”
He also defended Tesla’s investment interests in bitcoin, saying that the difference with cash made it “adventurous enough” for the standard & poor (S&P), top 500 United States (US), publicly trading companies to hold the cryptocurrency.
Tesla bought $1.5 billion worth bitcoin, and set the cryptocurrency soaring toward this week’s record peak above $50,000.
Musk’s recent promotion of dogecoin on Twitter also lifted the value of that cryptocurrency.
In the world of financial investments, a new, rather upsetting trend has emerged.
Whenever Elon Musk prises a company on Twitter, the shares of the company starts sky rocketing in the stock market.
Canadian e-commerce firm Shopify (SHOP) stocks rose after Musk called it “great” and said SpaceX use it.
Etsy (ETSY) moved higher after Musk wrote about buying something for his dog on the site.
Speaking of canines, the price of cryptocurrency dogecoin spiked following positive Musk’s tweets.
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