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Technology Elon Musk Says Bitcoin 'Almost as BS' as Regular Money after Tesla Buys Cryptocurrency

13:37  19 february  2021
13:37  19 february  2021 Source:   newsweek.com

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Elon Musk has said Bitcoin is "almost as BS" as regular money after his company Tesla purchased $1.5 billion worth of the cryptocurrency.

Elon Musk standing in front of a stage: Elon Musk speaking at a satellite conference in March 2020. The Tesla CEO explained his stance on bitcoin in a Twitter exchange. © Brendan Smialowski/AFP/Getty Elon Musk speaking at a satellite conference in March 2020. The Tesla CEO explained his stance on bitcoin in a Twitter exchange.

The entrepreneur's comments came after Changpeng Zhao, CEO of the Binance trading platform, said he was "surprised" Musk was so "gung-ho" about Dogecoin—another form of cryptocurrency widely regarded as a joke.

Both Bitcoin and Dogecoin have rallied to record highs this year, after tweets from high-profile figures including Musk, U.S. rapper Snoop Dogg, and Gene Simmons of glam-rock legends Kiss.

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Speaking to Bloomberg Asia on Friday, Zhao said: "I'm surprised Elon is so gung-ho on Dogecoin but I think, look, this is the decentralized free world, right? Anybody can like anything, he can like Dogecoin for any reason he likes.

"I strongly believe that he's not really associated with Dogecoin in any way. Dogecoin is one of those coins that started as a joke, but it's getting a lot of popularity over time, just for various reasons that nobody expected.

"So I think Elon really likes it. The fact, though, is that Tesla bought Bitcoin, not Dogecoin."

Musk took to Twitter to address Zhao's comments. Addressing his support of cryptocurrencies, the billionaire wrote: "To be clear, I am not an investor, I am an engineer. I don't own any publicly-traded stock besides Tesla.

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"However, when fiat [regular] 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'."


Video: This guy bought a Lamborghini with bitcoin (CNBC)

He also said Tesla's Bitcoin purchase is "not directly reflective of my opinion."

The Tesla CEO has previously said that while his tweets about Dogecoin are a joke, he is a "supporter" of Bitcoin.

Musk, while claiming he has purchased Dogecoin for his baby son, has also tended to share memes rather than reveal any major investments in the cryptocurrency.

He tweeted last Sunday that Dogecoin would "get my full support" on the condition that "major Dogecoin holders sell most of their coins."

At the time of writing Dogecoin was worth $0.56, up 9.3 percent in the last 24 hours, according to CoinDesk. It rose to a record high of over $0.80 on Tuesday and Wednesday last week.

India Drafts Bill to Create Government Cryptocurrency, Ban Private Cryptocurrencies, with Exceptions

  India Drafts Bill to Create Government Cryptocurrency, Ban Private Cryptocurrencies, with Exceptions India's Parliament is expected to consider a bill to ban "private" cryptocurrencies, with some as yet unspecified exceptions, which would allow the government to create a state-sanctioned digital alternative. © Mukesh Gupta/reuters A bank teller counts stacks of 1,000 rupee banknotes inside a bank in Jammu, India, November 25. John Elliott writes that the cancellation of Rs1,000 ($14.80) and Rs500 notes was suddenly introduced by Prime Minister Narendra Modi on November 8.

Bitcoin is currently worth $51,780, bringing its market cap to nearly $1 trillion.

Speaking to Bloomberg, Zhao batted aside concerns that the current rally around Bitcoin is speculative, saying: "I definitely think this is just a reflection of how mainstream Bitcoin has become, and I think we're just seeing the tip of the iceberg, to be honest."

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Crypto inventor Satoshi Nakamoto is "a risk for Bitcoin" .
The crypto trading platform Coinbase sees Satoshi Nakamoto as a substantial risk for Bitcoin. The company announced this in its application for initial listing with the US Securities and Exchange Commission. © Jaruwan Jaiyangyuen / shutterstock Crypto inventor Satoshi Nakamoto is “a risk for Bitcoin” Coinbase, crypto trading platform from the US state of California, wants to go public on the New York Stock Exchange and has submitted its securities prospectus for it.

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