Elon Musk- Why Tesla Invested In Bitcoin And Not Doge
– Tesla CEO, Elon Musk on Thursday gave reason for the company’s investment in Bitcoin
-Tesla Inc invested the sum of $1.5 billion into BTC as revealed by Bloomberg in January
-Musk stated that Tesla’s decision is not a reflection of his opinion. He added that Bitcoin was less dumb than fiat currencies.
Tesla Inc CEO, Elon Musk has revealed the reason for the company’s investment in Bitcoin rather than Dogecoin which he publicized.
While responding to a tweet from the CEO of Binance Changpeng Zhao, Musk said that the investment that Tesla makes is not reflective of his opinion.
"I'm surprised that Elon's so gung-ho on Doge coin," says Changpeng Zhao, CEO of Binance, world’s largest #cryptocurrency exchange by volume, which launched futures for $DOGE. But he notes that @elonmusk's Tesla bet $1.5 billion on #Bitcoin, not Dogecoin https://t.co/POz36hPpC9 pic.twitter.com/oxjI9U0SQa
— Bloomberg (@business) February 19, 2021
To be clear, I am *not* an investor, I am an engineer. I don’t even 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”.
— Elon Musk (@elonmusk) February 19, 2021
The SpaceX CEO added that investment in Bitcoin is enough adventure for an S&P500 company.
Musk went on to say that he is an Engineer and not an Investor but the company was pushed to look for alternatives because fiat currencies have real negative values.
The Tesla executive also had some criticism for Bitcoin, stating that it was almost as bs as fiat currency.
Apart from his support for Dogecoin on Twitter, Elon Musk has also shown his support for Bitcoin in a Clubhouse room in January.
Tesla invested $1.5 billion in Bitcoin and revealed its plans to start accepting the cryptocurrency for payments.
At the time of this post, Bitcoin was trading at $52,759 while Dogecoin was $0.055797.