[Digital Today Reporter Hyun-woo Choo] Elon Musk made a personal stance on Tesla’s $1.5 billion investment in Bitcoin. He thinks it’s better than cash.
On the 19th (local time), Elon Musk posted on Twitter, “Tesla’s bitcoin investment does not directly reflect my opinion. It may seem adventurous enough for S&P 500 companies, but personally, bitcoin is a bit more expensive than cash. I think it’s better.”
Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.
— Elon Musk (@elonmusk) February 19, 2021
This is a remark that gives a glimpse into his thoughts of turning into a virtual asset advocate. Elon Musk has shown a series of remedies recently as Tesla’s decision to invest $1.5 billion in bitcoin triggered a significant wave.
He recently drew a line saying, “I am an engineer and entrepreneur, not an investor,” and “There is no publicly traded stock other than Tesla.”
Some analysts estimate that Tesla’s bitcoin investment was carried out at the end of last year or early January of this year when it was around $28,000. Taking this into account, Tesla’s investment in bitcoin almost doubled its return in two months.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.