BitcoinBusiness

Elon Musk on Bitcoin Involvement: "Only a Fool Wouldn't Look Elsewhere" Than Cash

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Tesla was revealed to have acquired $1.5 billion worth of bitcoin, as reported by the BTC Times in January.

According to SEC filings, the firm acquired $1.5 billion worth of bitcoin with cash from its balance sheet. The firm wrote that they wanted "more flexibility to further diversify and maximize returns on our cash.” Tesla was also revealed to be looking into accepting the digital asset for its vehicles and products, which is something that many in the cryptocurrency space have long requested.  

While this was arguably the biggest endorsement of bitcoin to date, Tesla and Elon Musk were rather quiet about this move.

Today, Musk, the CEO of the company and of SpaceX, broke his silence and articulated his Bitcoin bull case.

In a response to a tweet from Bloomberg where Binance's CEO Changing Zhao (CZ) discussed Tesla and Musk's involvement in Bitcoin, Musk wrote that he thinks Bitcoin is "simply a less dumb form of liquidity than cash" right now.

The Tesla chief executive added that while he does not see himself as an investor, he thinks only a "fool wouldn't look elsewhere" than cash when "fiat currency has negative real interest."

Musk also reiterated an older statement that "Bitcoin is almost as bs as fiat money," this time adding, 'the key word is 'almost'."

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Nick is a writer and analyst who has been following Bitcoin since 2013. When he is not writing, he works on HTC's Bitcoin phone, EXODUS.