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- Elon Musk defends Tesla’s bitcoin bet as ‘adventurous enough’, rather than holding Dogecoin.
- Musk is responding to Binance CEO Changpeng Zhao calling out Tesla’s move in a Bloomberg interview.
- Zhao said he was surprised Musk was a proponent of Dogecoin as it was created as a joke.
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Elon Musk defended Tesla’s $ 1.5 billion bitcoin bet after the CEO of the major cryptocurrency exchange Binance announced the billionaire’s support for meme-based sign Dogecoin.
“Having Bitcoin, which is merely a less stupid form of liquidity than cash, is adventurous enough for an S & P500 company,” Musk said. tweeted in response to a Bloomberg interview with Binance CEO Changpeng Zhao.
@ elonmusk / Twitter
Tesla has made its biggest bitcoin underwriting yet by not only announcing its significant investment, but also that it intends to adopt the digital asset as a means of payment for its products.
In the interview, Zhao said that he is surprised that Musk is a supporter of Dogecoin as it was created as a joke. Musk fired several tweets on the Shiba Inu theme, prompting an increase in price. Last week, he said he bought a pair for his 9-month-old son.
“I strongly believe that he is in no way really associated with Dogecoin,” Zhao said of Musk, noting that Tesla’s bet was on bitcoin and not on the “joke” asset. But Binance recently added Dogecoin futures contracts based on consumer demand. This is because it is becoming popular for reasons that no one expected, Zhao said.
Zhao’s comments elicited a response from Musk in which he explained the reason for Tesla’s move.
“If fiat currency has negative real interest, only a fool would not look elsewhere,” says Musk tweeted. “Bitcoin is almost as bs as fiat money. The key word is ‘almost’.”
@ elonmusk / Twitter
Other Wall Street names also appear to be embracing bitcoin, raising the price of the token to a high of more than $ 52,000. As bitcoin rises to record highs, Zhao said Binance sees more than 300,000 new user registrations daily. The stock market last had such remarkable levels during the 2017 boom of bitcoin, but the volumes are now even higher.
“There is a lot more activity in this industry now than there was three years ago,” Zhao said. “We’re just getting started.”
Bitcoin’s rally expanded Friday as it rose 2% to trade around $ 52,740 from 9:40 GMT.