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Holding Bitcoin Is “Less Dumb” Than Fiat, Says Elon Musk

  • According to Elon Musk, having BTC is less dumb compared to holding paper money.
  • Musk made the comment in response to comments made by Binance CEO CZ and Peter Schiff.

According to Tesla CEO Elon Musk, holding Bitcoin (BTC) is much smarter and more liquid than holding paper money or fiat currencies.

Elon’s BTC comment came after Bloomberg’s interview with Binance CEO Changpeng Zhao (CZ) about Dogecoin (DOGE). In their DOGE discussion, CZ notably remarked on how Elon has greatly supported DOGE recently.

CZ also commented on Musk’s DOGE enthusiasm. CZ noted how seeing Musk “gung-ho” over Dogecoin makes him surprised and pleased. In addition, CZ believes that everyone should have freedom of choice.

For that matter, CZ said, Elon can choose to like DOGE or any other digital asset for no reason.

Musk responded to the interview by saying that,

Aside from Musk’s clarification on BTC, he also argued against Peter Schiff’s allegations about Bitcoin. Also, he noted that he is not an investor but rather an engineer. For this reason, he admitted that he does not even hold any officially traded stock apart from Tesla.

Meanwhile, Tesla recently disclosed that it has purchased a whopping $1.5 billion worth of Bitcoin and for that reason, it will begin to accept BTC payments soon.

Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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