Engineer Elon Musk Says Bitcoin ‘Is Less Dumb’ Than Cash

Bitcoin Dogecoin Elon Musk Investing Tesla

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Linas Kmieliauskas

Linas Kmieliauskas

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June 26, 2023 06:54 EDT

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Having some bitcoin (BTC), “which is simply a less dumb form of liquidity than cash,” is adventurous enough for an S&P 500 company, Tesla‘s Elon Musk said today.

He was responding to comments by Binance CEO Changpeng Zhao who told Bloomberg TV that he is surprised that “Elon’s so gung-ho on Dogecoin.”

“Tesla’s action is not directly reflective of my opinion,” Musk replied. On multiple occasions, he stressed that his tweets about Dogecoin (DOGE) are meant to be jokes. However, this week, he said he “will literally pay actual $” if large DOGE holders “just void their accounts.”

In an exchange on Twitter today, Tesla’s founder also stressed that he’s not an investor, but an engineer and doesn’t own any publicly traded stock besides Tesla.

“However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is “almost,” he said.

When asked why BTC is “bs” at all, he replied:

“Somehow, a hash text file using ancient crypto can be exchanged for real goods & services!? Amazing.”

At the time of writing (05:27 UTC), BTC trades at USD 51,411 and is down by 1.5%, trimming its weekly gains to less than 8%.
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