• About Us
  • Privacy Policy
  • Contact Us
Newsletter
Kelscrypto
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
Kelscrypto
No Result
View All Result
Home Bitcoin

Elon Musk says only a “fool” wouldn’t look into Bitcoin

February 20, 2021
in Bitcoin
0
Elon Musk says only a “fool” wouldn’t look into Bitcoin
Share on FacebookShare on Twitter


The Tesla CEO made the comment on Twitter today, weeks after his company purchased over $1.5 billion worth of Bitcoin.

Bitcoin > fiat

Elon Musk says Bitcoin is a better alternative to store value than fiat money, as per a tweet today. The Tesla CEO has previously called Bitcoin to be “as BS as fiat,” but gave no explanation for that at the time.

“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company,” Musk said in the tweet today, cautioning that his opinion did not reflect that of Tesla as a whole.

The electric carmaker made waves earlier this month after stating it picked up over $1.5 billion worth of Bitcoin as part of its treasury. Tesla said it sought better returns in a low-yield environment and an overall hedge against concerns of overinflation around the world—and that Bitcoin checked all those boxes.

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”.

— Elon Musk (@elonmusk) February 19, 2021

Musk reiterated that point today, suggesting that for businessmen, corporations, and individuals around the world, not looking into alternative investments was a sign of trouble, as opposed to storing value in a fiat currency.

“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said. He, however, added:

“Bitcoin is almost as bs as fiat money. The key word is “almost”.”

Such a statement meant that Bitcoin was not necessarily different than how fiat money operates in the world, i.e. a medium of transfer whose value everyone has reached consensus on. With that in mind, Bitcoin is the same, ideologically speaking, but features like privacy, security, immutability make it a better form of money for some.

Corporations wake up to new money

Musk’s comments came on the back of newer and existing corporations and individuals making their own comments and insights on how they view Bitcoin investments.

Monday saw enterprise business software maker MicroStrategy state it would raise over $600 million in a convertible note from institutional investors—with all the proceeds set to be invested in Bitcoin. The firm later raised this amount to over $900 million based on far more demand.

Then came the comments from Microsoft founder Bill Gates later in the week. He said he “wouldn’t short Bitcoin,” adding that “moving money into a more digital form and getting transaction costs down” was a beneficial technology (he didn’t refer to cryptocurrencies).

Yesterday saw Jeffrey Gundlach, the CEO and founder of mutual fund firm DoubleLine state that despite being a long-time gold bull, he saw Bitcoin as more of a “stimulus asset” compared to the yellow metal:

“Lots of liquid poured into a funnel creates a torrent. Bitcoin maybe The Stimulus Asset. Doesn’t look like gold is.”

I am a long term dollar bear and gold bull but have been neutral on both for over six months. Lots of liquid poured into a funnel creates a torrent. Bitcoin maybe The Stimulus Asset. Doesn’t look like gold is.

— Jeffrey Gundlach (@TruthGundlach) February 18, 2021

 

Meanwhile, some fools are looking into Bitcoin. Popular investment newsletter The Motley Fool said this week it would buy $5 million worth of the asset in the coming days, stating it was part of a bigger, “10x” portfolio.

Like what you see? Subscribe for daily updates.





Source link

Tags: BitcoinElonFoolMuskwouldnt
Share130Tweet82

Related Posts

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

March 5, 2021
0

Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of...

Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

March 5, 2021
0

A dayslong sell-off in the Bitcoin market intensified, and Treasury yields jumped Thursday, as Federal Reserve Chairman Jerome Powell...

How Laser Eyes Could Have Bitcoin Investors Seeing Red

How Laser Eyes Could Have Bitcoin Investors Seeing Red

March 4, 2021
0

Bitcoin price has been an uptrend for a full year now, taking the price of the cryptocurrency from under...

Bitcoin DeFi project Badger DAO diversifies its $21 million treasury

Bitcoin DeFi project Badger DAO diversifies its $21 million treasury

March 4, 2021
0

Badger DAO is one of the only Bitcoin-focussed DeFi products on the market and is expanding its ambitions.Forwards for...

More Rate Shocks for Bitcoin Ahead Despite Latest Price Rebound

More Rate Shocks for Bitcoin Ahead Despite Latest Price Rebound

March 4, 2021
0

Bitcoin traders should get used to facing more shocks from Treasury markets even as the cryptocurrency goes through a...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Huobi-Branded Crypto Exchange Launches for Malaysian Market

Huobi-Branded Crypto Exchange Launches for Malaysian Market

November 27, 2020
Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

November 27, 2020
Yes, You Can Spend Your Bitcoin This Black Friday

Yes, You Can Spend Your Bitcoin This Black Friday

November 26, 2020
Bitcoin derivatives market hasn’t been this wrecked since the March crash

Bitcoin derivatives market hasn’t been this wrecked since the March crash

November 27, 2020
Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

0
Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

0
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

0
What makes the crypto market’s rise to $500 billion different from 2017?

What makes the crypto market’s rise to $500 billion different from 2017?

0
Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

March 5, 2021
Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

March 5, 2021
Bitcoin dips below $50,000 even as a “sell-side crisis” emerges

Bitcoin dips below $50,000 even as a “sell-side crisis” emerges

March 4, 2021
How Laser Eyes Could Have Bitcoin Investors Seeing Red

How Laser Eyes Could Have Bitcoin Investors Seeing Red

March 4, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2020 kelscrypto.com

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord

© 2020 kelscrypto.com