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Elon Musk Says Holding Bitcoin Is Much less Dumb Than Money, Disputes Peter Schiff’s Claims About Cash and BTC

Elon Musk Says Holding Bitcoin Is Less Dumb Than Cash, Disputes Peter Schiff's Claims About Money and BTC

Tesla and Spacex CEO Elon Musk has clarified his place on bitcoin. Emphasizing that he’s an engineer, not an investor, Musk says that bitcoin “is just a much less dumb type of liquidity than money.” Musk additionally disputed gold bug Peter Schiff’s claims about bitcoin and commented on the value of the cryptocurrency.

What Elon Musk Thinks About Bitcoin

The CEO of cryptocurrency change Binance, Changpeng Zhao, was interviewed by Bloomberg Thursday after the demand for dogecoin on his change soared. He commented on Elon Musk’s enthusiasm in the direction of the meme cryptocurrency in the course of the interview.

“I’m stunned that Elon’s so gung-ho on dogecoin,” Zhao started, noting that “This can be a decentralized, free world and anyone can like something. He [Musk] can like dogecoin for any cause he likes.” Emphasizing his robust perception that Musk is just not related to dogecoin, the Binance CEO identified that Musk’s electrical automotive firm, Tesla, purchased $1.5 billion of bitcoin, not dogecoin.

Musk noticed the interview on Twitter and replied:

Tesla’s motion is just not instantly reflective of my opinion. Having some bitcoin, which is just a much less dumb type of liquidity than money, is adventurous sufficient for an S&P500 firm.

“To be clear, I’m ‘not’ an investor, I’m an engineer. I don’t even personal any publicly traded inventory moreover Tesla,” he elaborated.

Nonetheless, Musk clarified: “Nonetheless, when fiat forex has unfavourable actual curiosity, solely a idiot wouldn’t look elsewhere. Bitcoin is nearly as BS as fiat cash. The important thing phrase is ‘virtually.’”

Gold bug Peter Schiff, who not too long ago bashed Musk and Tesla for purchasing bitcoin, tweeted Friday: “Based on Elon Musk ‘Bitcoin is nearly as BS as fiat cash.’ So Musk regards each bitcoin and fiat as BS.”

He additional wrote: “I agree, I simply assume bitcoin, which is digital fiat, is much more BS than the paper fiat issued by central banks. Gold is just not BS. It’s actual cash and higher than each.”

Musk noticed the tweet and replied to Schiff:

An e-mail saying you’ve gold is just not the identical as having gold. You may as properly have crypto. Cash is simply information that permits us to keep away from the inconvenience of barter. That information, like all information, is topic to latency & error.

The Tesla CEO continued, “The system will evolve to that which minimizes each.” He moreover famous, “That stated, BTC & ETH do appear excessive.”

Refusing to present in to Musk, Schiff continued to specific his opinion about gold, bitcoin, and cash. On Saturday, he requested Musk to hitch him for a dialog on Clubhouse.

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