Musk Says It's Not Wise to Ignore Investment Alternatives

by in Cryptocurrency News

Musk answer to Changpeng Zhao

Business magnate Elon Musk says "only a fool" would ignore alternative options for investment.

Related: BTC dominance index falls to 60%

Recently the CEO of Binance, Changpeng Zhao expressed his surprise about Elon Musk's approach to DOGE and BTC in an interview. Particularly, Zhao said he didn't understand why Tesla bought Bitcoin if Musk is so “gung-ho” on Dogecoin.

As an answer to this, Musk said that in the situation when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere”. Afterwards, he added "Bitcoin is almost as bs (balance sheet) as fiat money. The keyword is almost".

Tesla's CEO mentioned that he's not an investor but an engineer. He disclosed that his BTC holdings are 0.25 BTC which a friend had sent to him a long time ago. This is all crypto holdings he owns.

Meanwhile, the leading cryptocurrency has been setting new records. It has been surpassing new all-time highs three days in a row. On February 16, it surpassed $50.000, on 17 surged above $51.000 and the next day went past to $52.000. At the moment, the leading cryptocurrency trades at above $52.640.