With the recent drop in interest rate, Tesla’s CEO, Elon Musk may have stirred another hornet’s nest with his recent assertions on Twitter. According to Musk, ”only a fool” would not consider alternatives to fiat.
Musk has reacted to comments made by Changpeng Zhao (CZ), Binance’s CEO who showed surprise that Tesla had invested massively in Bitcoin.
Doge meme shield (legendary item) pic.twitter.com/CeomU9q84c
— Elon Musk (@elonmusk) March 1, 2021
Changpeng Zhao also expressed shock at the Tesla executive’s pronouncements and support regarding Dogecoin. This happened on the heels of the company’s decision to invest about 7.7% of its assets, which is approximately $1.5 billion dollar into Bitcoin (BTC)/ This is strong evidence of Elon Musk’s support for Bitcoin.
Elon Musk’s recent tweet states:
”Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
Responding to Elon Musk’s tweet which has consistently shown support for Dogecoin (DOGE), Blockstream CSO, Samson Mow said that Musk only wished that he had bought the coin earlier.
”You’re just sad you didn’t buy sooner.”
However, Elon Musk stressed that it would be only foolish not to look elsewhere for alternative investment since Bitcoin is almost as bad as a fiat. He stressed the emphasis on the fact that none is a perfect solution to value transfer needs.
Musk’s tweets have been seen as the catalyst for the massive comeback of Dogecoin which has suffered from pump and dump presumably from whales. This has also instigated Musks attempts to buy back a lot of the cryptocurrency from holders.
The Tesla CEO considers DOGE as a truly people’s cryptocurrency.