(Reuters) – Tesla Inc CEO Elon Musk on Thursday mentioned that proudly owning bitcoin was solely a little bit higher than holding typical money, however that the slight distinction made it a greater asset to carry.
“Nonetheless, when fiat foreign money has destructive actual curiosity, solely a idiot wouldn’t look elsewhere,” Musk mentioned in a tweet. “Bitcoin is sort of as bs as fiat cash. The important thing phrase is ‘nearly’.”
He additionally defended Tesla’s motion to put money into bitcoin, saying that the distinction with money made it “adventurous sufficient” for the S&P 500 firm to carry the cryptocurrency.
Tesla’s $1.5 billion bitcoin buy set the cryptocurrency hovering towards this week’s document peak above $50,000 whereas Musk’s latest promotion of dogecoin on Twitter additionally lifted the value of that cryptocurrency.
Bitcoin was regular just under a document peak of $51,284 on Friday.
Reporting by Aishwarya Nair and Shubham Kalia in Bengaluru; Modifying by Sam Holmes