Elon Musk, CEO of Tesla and Spacex, has clarified his position on Bitcoin. Musk emphasizes that he is an engineer, not an investor, and that Bitcoin “is simply a less stupid form of liquidity than cash”. Musk also denied Peter Schiff’s claims about Bitcoin, commenting on the price of the cryptocurrency.
What Elon Musk thinks about Bitcoin
Cryptocurrency Exchange Binance CEO Changpeng Zhao was interviewed by Bloomberg Thursday after the demand for Dogecoin on its exchange soared. During the interview, he commented on Elon Musk’s enthusiasm for meme cryptocurrency.
“I’m surprised that Elon is so excited about Dogecoin,” Zhao began, noting, “This is a decentralized, free world, and anyone can like anything. He [Musk] can like Dogecoin for any reason he likes. Binance CEO reiterated his firm belief that Musk is not associated with Dogecoin, pointing out that Musk’s electric car company Tesla bought $ 1.5 billion in Bitcoin and not Dogecoin.
Musk saw the interview on Twitter and replied:
Tesla’s approach does not directly reflect my opinion. Having some bitcoin that is simply a less stupid 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. Other than Tesla, I don’t even own publicly traded stocks, ”he said.
Even so, Musk made it clear, “However, if the fiat currency has a negative real interest, just 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 beat up Musk and Tesla for buying Bitcoin, tweeted on Friday: “According to Elon Musk, Bitcoin is almost as BS as fiat money.” Therefore, Musk regards both Bitcoin and Fiat as BS. “
He continued: “I agree, I just think that Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by the central banks. Gold is not BS. It’s real money and better than either. “
Musk saw the tweet and Schiff replied:
An email saying you have gold is not the same as gold. You might as well have crypto. Money is just data that helps us avoid the inconvenience of bartering. Like all data, this data is subject to latency and errors.
The Tesla CEO continued, “The system will evolve into one that minimizes both of them.” He also noted, “That said, BTC & ETH seem high.”
Refusing to give in to Musk, Schiff continued to voice his views on gold, bitcoin, and money. On Saturday, he asked Musk to talk to him about the clubhouse.
Do you agree with Elon Musk? Let us know in the comments below.
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