Tesla CEO Elon Musk was involved in another Twitter storm overnight, tweeting that Bitcoin is “almost as BS as fiat money” in spite of Tesla’s recent $1.5 billion investment.
“Tesla’s action is not directly reflective of my opinion.” Musk wrote in response. “Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
The outspoken CEO went on to clarify: “To be clear, I am not an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.”
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
It’s unclear whether regulatory bodies in the US are examining Elon Musk’s behaviour on Twitter, particularly in light of the Gamestop and Robinhood saga, but the SEC has clamped down on Musk before for his use of Twitter.
At the time of writing Bitcoin is trading at $52,915, which is more than 33% higher than when Tesla revealed its investment on February 8.
While bull market mania is well and truly underway, warning signs are starting to appear as seasoned investors think back to the devastating cryptocurrency crash in 2018.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.