© Reuters. FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles
(Reuters) – Tesla (NASDAQ:) Inc CEO Elon Musk on Thursday said that owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold.
“However, when fiat currency has negative real interest, only a fool wouldn't look elsewhere,” Musk said in a tweet. ” is almost as bs as fiat money. The key word is ‘almost'.”
He also defended Tesla's action to invest in bitcoin, saying that the difference with cash made it “adventurous enough” for the company to hold the cryptocurrency.
Tesla's $1.5 billion bitcoin purchase set the cryptocurrency soaring toward this week's record peak above $50,000 while Musk's recent promotion of dogecoin on Twitter also lifted the price of that cryptocurrency.
Bitcoin was steady just below a record peak of $51,284 on Friday.
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