‘I might pump but I don’t dump’: Elon Musk outlined his broad approach to crypto investing in a panel also featuring Cathie Wood and Jack Dorsey

Elon Musk
Elon Musk

  • Elon Musk on Wednesday said he is a supporter of bitcoin and wants to see the cryptocurrency succeed.
  • “If the price of bitcoin goes down, I lose money. I might pump but I don’t dump,” Musk said during “The B Word” event.
  • Musk spoke on the panel alongside Twitter chief Jack Dorsey and Ark Invest CEO Cathie Wood.
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Elon Musk on Wednesday detailed his thoughts on cryptocurrencies, saying on a live panel that he is a supporter of bitcoin and would like to see the asset succeed.

“If the price of bitcoin goes down, I lose money. I might pump but I don’t dump,” Musk said during “The B Word” event, which also featured Twitter chief Jack Dorsey and Ark Invest CEO Cathie Wood.

He continued: “I definitely do not believe in getting the price high and selling or anything like that. I’d like to see bitcoin succeed.”

The Tesla boss also admitted that he holds “far more” bitcoin than dogecoin or ether.

“The doge community I think is somewhat irreverent obviously … and it doesn’t take itself too seriously,” he said. “The most ironic and entertaining outcome would be that the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency.”

Apart from cryptocurrencies, he said he only owns stock of Tesla and SpaceX, and confirmed that both companies hold bitcoin in their balance sheets.

The energy consumed by bitcoin mining came under the microscope in May after Musk abruptly suspended the purchase of Tesla vehicles using bitcoin due to environmental concerns.

Since then, his influence over the cryptocurrency community has waned somewhat.

But Musk insisted his reticence on bitcoin’s energy usage is not financially motivated.

While he doubled down on the negative impacts of bitcoin mining on the environment, he did say during the panel that Tesla is open to accepting bitcoin as payment again.

“I do think long-term renewable energy will actually be the cheapest form of energy. It just doesn’t happen overnight,” he said. “But as long as there is a conscious and determined and real effort by the mining community to move towards renewables, then obviously Tesla can support that.”

Cryptocurrencies, led by bitcoin, have struggled recently to rebound from a massive crash in May when the value of the total market dropped by nearly half in just seven days.

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Bitcoin plunges to $42,000 after Elon Musk tweet-storm – but rebounds after he clarifies Tesla hasn’t sold its holdings

Elon Musk
Tesla CEO Elon Musk caused bitcoin to tumble.

  • Bitcoin plunged to as low as $42,185 on Monday, down 35% from April’s record high, before bouncing.
  • The price tumbled after Elon Musk suggested Tesla may sell its holdings and trolled bitcoin fans.
  • Yet bitcoin climbed back above $44,000 after Musk said Tesla had not in fact sold its stake.
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Bitcoin plunged to its lowest level since February on Monday after Elon Musk suggested Tesla might sell, or had sold, its holdings, only to rebound somewhat when the billionaire clarified his electric car company still held its stake.

The world’s most-traded cryptocurrency plunged to $42,185 at one point on Monday morning, after Musk replied “Indeed” to a Twitter post that said: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings.”

That was the lowest level since February 8 and 35% below the all-time high of close to $65,000 reached in April.

But bitcoin then rebounded somewhat when Musk tweeted: “To clarify speculation, Tesla has not sold any Bitcoin.” The token was down 8.7% at $44,896 at 4.40 a.m. ET.

Bitcoin has fallen sharply in recent days after Musk – previously one of its biggest cheerleaders – appeared to turn his back on the cryptocurrency.

The slide started on Wednesday when Musk tweeted a note saying that Tesla would stop accepting bitcoin as payment for its electric cars, saying the token’s “insane” energy use was damaging to the climate.

Musk’s announcement shocked crypto fans and sparked a broader sell-off in cryptocurrencies including ether, dogecoin and XRP.

His suggestion on Sunday night that Tesla had sold, or might sell, its bitcoin stake, which it bought for $1.5 billion in January, caused panic among investors in the token.

The Tesla boss has been one of the central drivers of the bitcoin boom. The electric car company selling its stake would be a major blow to the legitimacy of the digital asset.

Musk spent the weekend arguing with and trolling bitcoin fans on Twitter about its energy use and structural flaws.

“Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies,” he tweeted on Sunday night.

“A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?”

He also continued to suggest Tesla was looking at accepting dogecoin – a cryptocurrency started as a joke in 2013 – as payment for its cars, saying doge would win “hands down” if it sped up its blockchain network.

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Bitcoin adoption was picking up pace. Elon Musk slamming its ‘insane’ energy use may have stopped that.

FILE - In this Nov. 21, 2019, file photo, Tesla CEO Elon Musk introduces the Cybertruck at Tesla's design studio in Hawthorne, Calif. Tesla CEO Elon Musk appears to have hit all the milestones necessary to receive a stock award currently worth about $730 million to pad the eccentric billionaire's already vast fortune. The electric car maker ended Wednesday, May 6, 2020, with an average market value of $100.4 billion for the past six months, according to data drawn from FactSet Research. (AP Photo/Ringo H.W. Chiu, File)
Elon Musk’s U-turn was a bombshell for the crypto world.

  • Elon Musk’s U-turn on accepting bitcoin as payment due to energy concerns rocked the crypto world.
  • It could also halt the adoption of bitcoin by companies, who are increasingly climate-conscious.
  • Yet enthusiasts argue that Musk remains committed and that cryptocurrencies will bounce back.
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When Elon Musk’s Tesla announced it had bought $1.5 billion of bitcoin and intended to start accepting it as payment in February, the cryptocurrency shot up and speculation abounded that other companies would soon follow suit.

But Musk stunned cryptocurrency fans on Wednesday when he announced that Tesla would stop accepting bitcoin due to fears that its “insane” energy use is hurting the planet. Bitcoin tumbled as much as 15% on Wednesday before recovering somewhat and was around 22% below its record high on Friday.

The idea that big companies – from Jack Dorsey’s Square to Wall Street banks – are buying in or offering crypto services to clients has been a huge driver of the bitcoin boom, adding legitimacy and capital to the market.

But after the most famous crypto enthusiast criticized bitcoin’s energy use, the question is, will companies continue to adopt bitcoin?

Bitcoin clashes with the ESG moment

A key problem for investors attracted by bitcoin’s stellar returns is that the cryptocurrency moment has come at a time when environmental, social and governance (ESG) investing is center stage.

Yet, bitcoin uses more energy than Sweden each year, with vast amounts of computing power required to solve complex puzzles to secure the network and create new coins. Bitcoin’s defenders say it increasingly uses renewable energy but a Bank of America report estimated that 72% of “mining” is done in China, where coal power dominates.

“Over the long term, it is difficult to see how this is consistent with a transition to a low carbon economy,” said David Sneyd, vice president in BMO Global Asset Management’s responsible investment team.

“We consider bitcoin, and other cryptocurrencies, to be a net negative from an ESG standpoint. As it currently stands, the positive potential of bitcoin remains unproven, but the negatives are very real and present.”

None of this was a secret before Musk’s bombshell tweet. But the backing of Tesla – the most famous electric car company in the world – undoubtedly made bitcoin enthusiasts feel more secure about the environmental impact of the digital asset.

On-the-fence companies may think twice

Edward Moya, senior market analyst at currency platform Oanda, told Insider: “A large part of Wall Street has embraced the ESG movement and while Musk didn’t reveal anything new, he brought bitcoin’s CO2 problem center stage.”

Moya said: “Tesla was the first domino that was supposed to unleash a steady wave of fresh interest across corporate America.” But Musk’s move could now “have a big impact on companies that were on the fence about accepting bitcoin as a form of payment or even putting on their balance sheets,” he added.

There are some signs that other advocates are cooling on the digital asset, with Square telling Financial News it had no plans to purchase more bitcoin. The fintech company, founded by Twitter chief executive Jack Dorsey, has been one of bitcoin’s biggest supporters and corporate buyers.

For some, companies buying bitcoin to hold on their balance sheets was always a bad idea, which was never likely to be copied by many big players.

Jerry Klein, managing director of Treasury Partners in New York, told Insider: “We don’t believe there ever was a case for adding bitcoin to corporate balance sheets.

“The vast majority of public companies are focused on cash preservation and don’t want to hold volatile assets. Most treasurers and CFOs see only downsides in taking risk with corporate cash.”

Die-hard bitcoin fans look set to keep buying

However, Oanda’s Moya said that die-hard companies that have bet big on bitcoin look unlikely to change their mind any time soon.

Michael Saylor, chief executive of technology company MicroStrategy, which has bought more than $2 billion of bitcoin, quickly questioned Musk’s move on Twitter. He also announced he had ploughed more money into the cryptocurrency.

David Wachsman, CEO and founder of communications firm Wachsman, told Insider that it is important to recognize that Musk himself has said he remains committed to cryptocurrencies.

“Lost in the hyperbole of the headlines is Tesla’s decision to continue to hold bitcoin on its balance sheet,” Wachsman said.

“This demonstrates its long-term commitment to cryptocurrencies as a technology, and is a pertinent reminder to other corporations of the risk of being phased out of the market without moving on digital currencies.”

Yet in the meantime, it appears Musk’s criticisms have focused investors’ minds on bitcoin’s problems, with numerous financial companies releasing reports into the environmental impact.

In a note to clients, analysts at Swiss bank UBS wrote: “The prospect of large gains may tempt investors, but we think speculation in crypto is a gamble, not an investment.”

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Bitcoin plunges as much as 15% after Elon Musk halts Tesla payments – calling the token’s energy use ‘insane’

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Elon Musk has been one of the major drivers of the cryptocurrency boom.

Bitcoin tumbled as much as 15% after Tesla boss Elon Musk said on Wednesday night that the car company would stop accepting payments in the cryptocurrency because of concerns about its environmental impact.

Musk later doubled down on his major U-turn, tweeting a chart showing bitcoin’s energy use and calling it “insane.”

The world’s most-traded cryptocurrency then pared some of its gains and was down 8.7% to $49,758 at 9.30 a.m. ET. Bitcoin remained around 70% higher for the year, but was 22% lower than a record high of close to $65,000 touched in April.

Musk’s announcement shocked the cryptocurrency world. The Tesla founder and chief executive has been one of the biggest advocates of cryptocurrencies, and has previously appeared to dismiss concerns about their energy use.

The revelation that Tesla had bought $1.5 billion of bitcoin and would start accepting payment in the token sent the price soaring 16% in a single day in February and added legitimacy to the asset class.

Yet Musk appeared to have had a change of heart, tweeting a statement on Wednesday night saying: “Tesla has suspended vehicle purchases using Bitcoin.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Critics have long attacked bitcoin for its energy use. Bitcoin “mining” – the process of securing the network and creating coins using vast amounts of computing power – uses more energy each year than Sweden, according to Cambridge University researchers.

A Bank of America report estimated 73% of bitcoin mining takes place in China, where the majority of energy is generated by coal power.

Musk’s announcement sent other cryptocurrencies tumbling, too. Ether, the second-biggest coin by market size, was down 10.7% in the 24 hours to 9.30 a.m. ET. Dogecoin, XRP and Binance Coin all tumbled.

“Tesla accepting transactions bitcoin was viewed as a major step for the crypto market,” Daniel Ives, an analyst at Wedbush, said in a note.

“Now Tesla’s/Musk reversal will have a short-term negative impact on bitcoin and the crypto landscape as the market digests this confusing news from one of its biggest supporters.”

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Bitcoin plunges as much as 15% after Elon Musk halts Tesla payments, citing climate damage in major U-turn

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Elon Musk has been a key driver of the cryptocurrency boom.

Bitcoin tumbled as much as 15% on Wednesday night after Elon Musk said his electric car company Tesla would stop accepting payments in the cryptocurrency because of concerns about its environmental impact.

The world’s most-traded cryptocurrency then pared some of its gains and was down 7.3% to $50,534 at 4.20 a.m. ET. Bitcoin remained around 72% higher for the year, but was 22% lower than a record high of close to $65,000 touched in April.

Musk’s announcement shocked the cryptocurrency world. The Tesla founder and chief executive has been one of the biggest advocates of cryptocurrencies, and has previously appeared to dismiss concerns about their energy use.

The revelation that Tesla had bought $1.5 billion of bitcoin and would start accepting payment in the token sent the price soaring 16% in a single day in February and added legitimacy to the asset class.

Yet Musk appeared to have had a change of heart, tweeting a statement on Wednesday night saying: “Tesla has suspended vehicle purchases using Bitcoin.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Critics have long attacked bitcoin for its energy use. Bitcoin “mining” – the process of securing the network and creating coins using vast amounts of computing power – uses more energy each year than Sweden, according to Cambridge University researchers.

A Bank of America report estimated 73% of bitcoin mining takes place in China, where the majority of energy is generated by coal power.

Musk’s announcement sent other cryptocurrencies tumbling, too. Ether, the second-biggest coin by market size, was down 8.4% in the 24 hours to 4.10 a.m. ET. Dogecoin, XRP and Binance Coin all tumbled.

“For an asset whose price is driven mostly by psychological sentiment and momentum, bitcoin could have a hard time recovering from this and may never revisit [its] recent highs again,” Jesse Cohen, senior analyst at financial platform Investing.com, said.

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Tesla’s bitcoin holdings grew to $2.5 billion in the 1st quarter, SEC filings show

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Tesla and its boss Elon Musk have been key drivers of bitcoin-mania

  • Tesla’s bitcoin holdings were worth $2.48 billion at the end of the first quarter, SEC filings show.
  • The electric vehicle manufacturer initially bought $1.5 billion of bitcoin in January and now accepts the cryptocurrency as a form of payment for its products.
  • Tesla said it sold 10% of its bitcoin holdings worth $272 million in the first quarter to prove its liquidity.
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Tesla owned $2.48 billion worth of bitcoin at the end of the first quarter, according to the company’s first-quarter SEC filings.

The electric vehicle manufacturer initially bought $1.5 billion of bitcoin in January and now accepts the cryptocurrency as a form of payment for its products. It is unclear if Tesla received any bitcoin for its products in the first quarter.

Bitcoin surged more than 100% in the first three months of 2021, meaning that Tesla’s is sitting on significant unrealized gains with its crypto position.

The company said it sold $272 million of bitcoin in the first quarter, recognizing a profit of $101 million. Musk said the bitcoin sale in the first quarter was to prove that it is liquid and an alternative to cash.

The CEO said in a tweet responding to David Portnoy’s criticism of bitcoin as a “pump and dump” scheme: “…I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

Tesla’s owned 41,953 bitcoin at the end of the first quarter, based off of the cryptocurrency’s closing price of $59,114 on March 31.

Bitcoin has staged a volatile trading path in April, with the cryptocurrency hitting a record high of almost $65,000 before tumbling more than 20% to below $50,000. Bitcoin has since recovered some of its losses and is trading at $55,180 as of Wednesday morning.

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Bitcoin rebounds back above $55,000 from 2-month lows, after Tesla says it believes in the long-term value of the cryptocurrency

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Elon Musk’s Tesla has been a major driver of the cryptocurrency boom.

Bitcoin’s rebound from near two-month lows continued on Tuesday, boosted by Elon Musk’s Tesla saying it believes in the long-term value of the world’s most traded cryptocurrency, as well as renewed interest from big players.

The digital asset was up 3.1% to $54,911 at 7.10 a.m. ET. It had earlier touched $55,020, around 17% higher than the almost 2-month low of close to $47,000 hit on Sunday.

Bitcoin remained well below its all-time high of close to $65,000, reached on April 14, however.

The cryptocurrency’s rebound was boosted by Tesla’s first-quarter earnings, released Monday. They showed the electric car company made a $101 million profit by selling 10% of its bitcoin holdings, which initially cost $1.5 billion in January.

“We do believe long term in the value of bitcoin,” Zachary Kirkhorn, Tesla’s chief financial officer, said in an earnings call. In March, Kirkhorn was given the title master of coin.

“So it is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles.”

The bounce in the dominant cryptocurrency has also been aided by renewed interest from major institutions, with JPMorgan planning a bitcoin fund for wealthy clients, according to Coindesk.

Tesla has been one of the major forces behind the boom in bitcoin, which is up more than 600% over the last year. Musk’s company said in February it had bought $1.5 billion worth of bitcoin, sending the cryptocurrency surging.

Yet bitcoin has fallen sharply from recent all-time highs, which were reached as excitement built around the $100 billion direct listing of crypto exchange Coinbase.

Analysts said a number of factors seemed to have triggered the drop, including US President Joe Biden’s capital gains tax plans; a sharp drop in mining rates around the world; a ban on cryptocurrency payments in Turkey; and volatility created by bitcoin futures.

However, many commentators have argued that the future looks bright. “If bitcoin continues to stay in the news and more people express interest in cryptos, retail demand should remain healthy,” Edward Moya, senior market analyst at Oanda, said.

“Institutional flows still seem firmly committed with their longer-term bets.”

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Elon Musk says Tesla sold 10% of its bitcoin to show it’s a good alternative to cash – but he isn’t selling his personal holding

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Tesla CEO, Elon Musk.

Tesla chief Elon Musk said on Tuesday the electric vehicle maker sold 10% of its bitcoin holdings to prove it’s a good substitute for cash.

He was responding to comments from Barstool Sports founder Dave Portnoy, who questioned whether Tesla had profited from a bitcoin pump-and-dump scheme – a practice that encourages investors to boost the price of an asset based on exaggerated statements.

Tesla disclosed on Monday that it cashed out $272 million worth of digital assets in the first quarter of 2021, making more than $100 million in profits from the sale. The automaker’s first-quarter earnings showed continued profitability, as revenue rose 74% compared to the same period of 2020.

After the earnings report, Portnoy tweeted: “So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was. Just don’t be last 1 #HODLing the bag.”

Musk rejected his opinion, responding with: “No, you do not. I have not sold any of my bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.”

Portnoy said earlier this year he would never buy bitcoin, but has now changed his stance and calls himself a “true believer” in the cryptocurrency.

On an earnings call with investors and analysts, Tesla’s chief financial officer Zachary Kirkhorn said the company plans to continue adding bitcoin to its balance sheet from vehicle sales.

Registering a $101 million gain from selling 10% of its bitcoin holdings over the quarter accounts for $0.25 per share of the $0.93 per share reported earnings, Deutsche Bank strategists said. Meanwhile, topping Wall Street estimates qualifies Musk for two options payouts worth a combined $11 billion, according to Reuters.

Musk himself has not been open about how much bitcoin he personally owns, but his latest tweet seems to suggest he’s not planning to sell it.

Bitcoin rose above $54,500 on Tuesday, rising 16% from a low of around $47,200 last week. Tesla shares fell 2.5% in pre-market trading, as some analysts said simply meeting Wall Street expectations was rather underwhelming.

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Tesla’s extends 2-day plunge to 20% as epic rally takes a breather

elon musk tesla
Elon Musk

  • Tesla tumbled as much as 12.2% on Tuesday, extending losses following a similarly sized plunge the session prior.
  • The sell-off has dragged shares to their lowest since December and led CEO Elon Musk to relinquish his title as the world’s richest person.
  • Tesla’s latest slump follows confusion over Model Y availability and risk from plummeting bitcoin prices.
  • Watch Tesla trade live here.

Investors continued to dump Tesla on Tuesday, dragging shares to their lowest level since late December.

The automaker sank as much as 12.2% after markets opened. The drop is set to extend a three-day losing streak for Tesla stock that intensified at the start of the week. The Wednesday-to-Monday losses have seen Tesla’s total market cap drop by $80 billion and led CEO Elon Musk to relinquish his title of the world’s wealthiest person.

Tesla traded at a record high of $900 just one month ago as extreme bullishness toward the company’s growth fueled massive gains. Valuation concerns cut into the rally and saw shares waver around $850 through much of February.

Shares closed 9% lower on Monday after the company reportedly halted new orders for the lowest-price version of its Model Y crossover. Musk clarified in a Monday tweet that the model was still available “off menu,” adding he doesn’t think the vehicle’s range “meets the Tesla standard of excellence.”

The move came less than a week after Tesla slashed the variant’s price to $39,990 from $41,990. The automaker also lowered prices for longer-range Model Y versions and its Model 3 sedan.

The price adjustments are “all a poker move” meant to stoke demand for Model Y and Model 3 in China, Wedbush analyst Dan Ives told Insider in an email. Ives has repeatedly deemed China a “linchpin” for Tesla’s continued growth.

The decline was also driven by Musk’s warning of elevated cryptocurrency prices. The CEO took to Twitter on Saturday to caution that bitcoin and Ether prices “do seem high” following the tokens’ recent rallies. Bitcoin surged to record highs earlier in February after Tesla announced it purchased $1.5 billion of the cryptocurrency as a reserve asset.

Musk’s comments contributed to a sharp reversal of the token’s gains. Bitcoin sank below $45,000 on Tuesday, placing the cryptocurrency on track for its biggest single-day loss since March 2020.

Investors are now “starting to tie bitcoin and Tesla at the hip,” Wedbush’s Ives said in a Tuesday note. While the automaker’s investment initially garnered a $1 billion return, the cryptocurrency’s sell-off has pushed some shareholders to sell, he added.

Tesla closed at $714.50 per share on Monday, up 2.8% year-to-date. The company has 25 “buy” ratings, 47 “hold” ratings, and 20 “sell” ratings from analysts.

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Elon Musk defends Tesla’s $1.5 billion bitcoin bet as ‘adventurous enough’ for a S&P 500 company – and says it’s less dumb than holding cash

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Elon Musk.

  • Elon Musk defended Tesla’s bitcoin bet as “adventurous enough,” rather than also holding Dogecoin.
  • Musk was responding to Binance CEO Changpeng Zhao, who called out Tesla’s move in a Bloomberg interview.
  • Zhao said he was surprised that Musk is a Dogecoin advocate, given that it was created as a joke.
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Elon Musk defended Tesla’s $1.5 billion bitcoin bet after the CEO of major cryptocurrency exchange Binance called out the billionaire’s support for meme-based token Dogecoin. 

“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company,” Musk tweeted in response to a Bloomberg interview with Binance CEO Changpeng Zhao.

Screenshot 2021 02 19 at 09.04.15

Tesla made its biggest bitcoin endorsement yet by announcing not just its significant investment, but also that it plans to adopt the digital asset as a form of payment for its products. 

In the interview, Zhao said he was surprised that Musk is a Dogecoin advocate, given that it was created as a joke. Musk has fired off several tweets about the Shiba Inu-themed token, sparking a surge in its price. Last week, he said he bought some for his 9-month-old son.

“I strongly believe that he’s not really associated with Dogecoin in any way,” Zhao said of Musk, noting that Tesla’s bet was on bitcoin, and not on the “joke” asset. But Binance has added Dogecoin futures recently based on consumer demand. That’s because it’s gaining popularity for reasons nobody expected, Zhao said.

Zhao’s comments elicited a response from Musk, in which he explained the reason behind Tesla’s move.

“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk tweeted. “Bitcoin is almost as bs as fiat money. The key word is “almost”.”

Screenshot 2021 02 19 at 09.05.01

Other Wall Street names seem to be embracing bitcoin too, driving the token’s price higher to an all-time high above $52,000. As bitcoin surges to record highs, Zhao said Binance is seeing more than 300,000 new user registrations on a daily basis. The exchange last saw such remarkable levels during bitcoin’s 2017 boom, but volumes are even higher now.

“There’s a lot more activity now in this industry than three years ago,” said Zhao. “We are just at the beginning.”

Bitcoin’s rally extended on Friday as it rose 2% to trade around $52,740 as of 9:40 a.m GMT.

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