Tesla CEO Elon Musk takes major u-turn on Bitcoin

Elon Musk has labelled Bitcoin as being "almost as BS as fiat money" in a surprising series of tweets that come just 11 days after Tesla's $1.5 billion investment

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.

The 49-year-old began by responding to Bloomberg’s interview with Binance CEO Changpeng ‘CZ’ Zhao, in which Musk’s interest in Dogecoin and Bitcoin was mentioned.

“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.”

“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'”

Musk’s change in tune is a stark contrast to his comments in late January, when he caused the price of Bitcoin to jump from $33,000 to $38,000 simply by changing his Twitter bio to “Bitcoin”.

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.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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