Startup News

Elon Musk backs up Tesla’s Bitcoin Investment Move

On February 19, Tesla CEO Elon Musk went on record to say that bitcoin was only a little better than holding conventional cash as the slight difference made it a better asset to hold.

He further added that acquiring a certain amount of digital currency is “adventurous enough” for an S&P 500 company.

This was after one of the industry’s loudest acolytes called out the billionaire’s advocacy of lesser-known Dogecoin.

Musk tweeted that “Bitcoin is almost as bs as fiat money. The key word is ‘almost’.”

In fact, he also drew comparison between Bitcoin and that of fiat currency that is not backed by a physical commodity like gold or silver.

Changpeng Zhao, CEO of cryptocurrency noticed that Tesla has reportedly placed a bet on Bitcoin which Musk has frequently praised through his tweets.

Recently, Musk also stated his willingness to extend his support to major Dogecoin holders only if they sell most of their coins.

Moreover, the Tesla CEO has purchased “some” Dogecoin for his infant son according to reports.

In early February, Tesla claimed to have owned about $1.5 billion worth of Bitcoin known as the world’s most valuable cryptocurrency.

Accordingly, the automaker aims to accept Bitcoin as a form of payment for its products in the “near future”.

A sudden upsurge in the prices of the digital currencies was witnessed post Musk’s tweets on Bitcoin and Dogecoin.

Also, a recent hike in shares of Signal Advance, an unrelated medical device was as a result of his tweet about messaging app Signal.

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