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Elon Musk Says Holding Bitcoin Is Slightly Better Than Cash

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Elon Musk Says Holding Bitcoin Is Slightly Better Than Cash

Tesla Inc CEO Elon Musk has said that owning bitcoin is slightly better to hold than conventional cash.

Musk has become one of the main drivers of the cryptocurrency's recent surge in value after Tesla purchased $1.5 billion worth.

The billionaire was on Twitter discussing the cryptocurrency and said: "However, when fiat currency has negative real interest, only a fool wouldn't look elsewhere."

Musk added: "Bitcoin is almost as bs as fiat money. The key word is 'almost'."

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Credit: PA
Credit: PA

He also talked about Tesla's investment into bitcoin, backing up their decision to do so and saying that the difference with cash made it 'adventurous enough' for the S&P 500 company to hold the cryptocurrency. Musk has also recently promoted dogecoin on Twitter, which subsequently lifted the price of that cryptocurrency.

Having quadrupled in value during 2020, there were questions around whether bitcoin could continue its miraculous rise, but prominent support from several notable names alongside Musk and Tesla have helped the surge continue unabated.

Last week, BNY Mellon, America's oldest bank and a major custody provider, said that it would begin to finance Bitcoin and other cryptocurrencies.

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Credit: PA
Credit: PA

"BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets," Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, said in a statement.

"Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field."

Mastercard have also announced that they will begin to provide support for some cryptocurrencies this year.

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A recent report by CoinFlip estimated that if you'd invested $100 in bitcoin back during its inception in 2009, you could be sitting on a goldmine of some $48 million at this point. Of course, it's worth pointing out that many initial investors may well have cashed out in the interim, as bitcoin has often been a volatile and unpredictable market over the past decade.

However overall its trajectory has been an upward one and there's no denying that in the short term at least it looks like it's here to stay.

Featured Image Credit: PA

Topics: Bitcoin, elon musk, Technology

Simon Catling
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