TL;DR Breakdown
- Elon Musk bullshits Bitcoin, terms it “almost as bad as fiat”.
- Makes this statement in the wake of his company’s (Tesla) investment of $1.5 billion worth of Bitcoin.
- Holds on to his support for Dogecoin over Bitcoin as he dismisses the company’s purchase of Bitcoin as different from his opinion on the crypto.
Bitcoin almost as bad as Fiat, says Elon Musk
Early this morning, the crypto community woke up to a tweet by Musk in his reply to Bloomberg. There, he dismissed the most sensational crypto coin of this age as a less dumb form of cash. However, he went on to favor it as adventurous enough for an S&P 500 company.
Now considering the fact that in recent times, Musk has shown his support for BTC and even admitted his regret at not purchasing it earlier on 8 years ago. The obvious contradiction in his recent statement seems to have set the volatile crypto community ablaze as they have tried to make sense of his double-sided takes on Bitcoin.
For instance, just this month when he shared his opinion on top crypto coins, he made this statement in his response to Ben Mezrich. However, Blockstream’s Samson Mow dismissed Musk’s statement as his sadness over not purchasing the coin early enough.
Dogecoin over Bitcoin for Elon Musk
As of today, it’s safe to say that Elon Musk has a negative perspective on BTC despite his support for it in the past and the fact that he has proudly displayed it on his Twitter bio.
However, despite being called out on his company’s massive acquisition of BTC in recent times, Musk still dismissed it as an action that is not reflective of his opinion. This action of his company seems to have motivated other business heads to do the same as seen by their recent investments in the cryptocurrency.
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