Thursday , March 4 2021

Elon Musk called Tesla’s investment in bitcoin quite risky

Tesla founder and CEO Elon Musk commented on the company’s purchase of bitcoin, hinting that it was not his decision. He called the investments “quite risky”.

In an interview with Bloomberg, Binance boss Champeng Zhao noted that despite Musk’s passion for the Dogecoin project, his company did not buy this altcoin, but the first cryptocurrency for $ 1.5 billion.

“Tesla’s actions do not directly reflect my opinion. Having a little bitcoin, which is simply a less stupid form of liquidity than cash, is risky enough for the S&P 500, ”Musk wrote.

He added that he is an engineer, not an investor, and that he does not even own any shares in public companies other than Tesla.

“However, when fiat currencies have negative real rates, only a fool would not look elsewhere. Bitcoin is almost as good as fiat money. The key word is “done,” Musk added.

Recall, former Goldman Sachs investment director Gary Black closed a long position in Tesla shares after the company bought bitcoin.

JPMorgan analysts doubted corporations would follow the lead of electric car makers and invest in digital gold. They cited high asset volatility as the reason.

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