Tesla and Spacex CEO Elon Musk has clarified his position on bitcoin. Emphasizing that he is an engineer, not an investor, Musk says that bitcoin â€œis simply a less dumb form of liquidity than cash.â€ Musk also disputed gold bug Peter Schiffâ€™s claims about bitcoin and commented on the price of the cryptocurrency.
What Elon Musk Thinks About Bitcoin
The CEO of cryptocurrency exchange Binance, Changpeng Zhao, was interviewed by Bloomberg Thursday after the demand for dogecoin on his exchange soared. He commented on Elon Muskâ€™s enthusiasm towards the meme cryptocurrency during the interview.
â€œIâ€™m surprised that Elonâ€™s so gung-ho on dogecoin,â€ Zhao began, noting that â€œThis is a decentralized, free world and anybody can like anything. He [Musk] can like dogecoin for any reason he likes.â€ Emphasizing his strong belief that Musk is not associated with dogecoin, the Binance CEO pointed out that Muskâ€™s electric car company, Tesla, bought $1.5 billion of bitcoin, not dogecoin.
Musk saw the interview on Twitter and replied:
â€œTo be clear, I am â€˜notâ€™ an investor, I am an engineer. I donâ€™t even own any publicly traded stock besides Tesla,â€ he elaborated.
Nonetheless, Musk clarified: â€œHowever, when fiat currency has negative real interest, only a fool wouldnâ€™t look elsewhere. Bitcoin is almost as BS as fiat money. The key word is â€˜almost.’â€
Gold bug Peter Schiff, who recently bashed Musk and Tesla for buying bitcoin, tweeted Friday: â€œAccording to Elon Musk â€˜Bitcoin is almost as BS as fiat money.â€™ So Musk regards both bitcoin and fiat as BS.â€
He further wrote: â€œI agree, I just think bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. Gold is not BS. Itâ€™s real money and better than both.â€
Musk saw the tweet and replied to Schiff:
The Tesla CEO continued, â€œThe system will evolve to that which minimizes both.â€ He additionally noted, â€œThat said, BTC & ETH do seem high.â€
Refusing to give in to Musk, Schiff continued to express his opinion about gold, bitcoin, and money. On Saturday, he asked Musk to join him for a conversation on Clubhouse.
Do you agree with Elon Musk? Let us know in the comments section below.
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