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24 September, 2021
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HomeBecomingElon Musk: ‘Only a fool’ wouldn’t seek non-fiat investments

Elon Musk: ‘Only a fool’ wouldn’t seek non-fiat investments

With real interest rates trending negative, Tesla’s CEO Elon Musk believes “only a fool” would ignore alternative investment opportunities.

On Feb. 19, Musk responded to comments made by Binance CEO Changepeng Zhao to Bloomberg in which CZ expressed his surprise at the Tesla executive’s “gung-ho” pronouncements regarding Dogecoin.

Tesla co-founder and hypothetical Dogecoin (DOGE) CEO Elon Musk has asserted that “only a fool” would not seek out alternative investments to fiat currency given current interest rates on Twitter today.

“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.’”

During the interview, CZ implied that Tesla’s recent decision to invest $1.5 billion or 7.7% of its treasury into Bitcoin (BTC) likely evidenced Musk’s deep support for Bitcoin.

On Twitter, Musk said, “Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”

Responding to the insinuation from Musk that he personally holds DOGE in higher esteem than BTC, Blockstream CSO Samson Mow said, “You’re just sad you didn’t buy sooner.”

However, Musk also asserted it would be foolish not to seek out alternative investments while “fiat currency has negative real interest”.

Elon Musk’s Twitter account has been deemed the catalyst for Dogecoin’s dramatic recovery from the r/Wallstreetbets-led pump and dump that targeted the meme-coin at the end of January, with the billionaire describing DOGE as “the people’s crypto.”

However, Musk tweeted on Feb. 15 to warn of the heavy concentration of Dogecoin’s supply within the hands of a small number of whales, offering to pay the top DOGE holders to void their accounts.

Source: Cointelegraph, FEB 19, 2021

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