• Thu. Oct 5th, 2023

Tesla’s Investment in Bitcoin Contradictory to Elon Musk’s Opinion

Hassan Mehmood

ByHassan Mehmood

Feb 19, 2021

Tesla’s bulk investment of $1.5 billion in Bitcoin has been the talk of the town for the past few weeks now. The huge investment in the leading cryptocurrency showed the immense interest of the richest man in the world. But latest news seems to contradict the statement.

Changpeng Zhao is Surprised

The story starts when Changpeng Zhao, CEO of Binance, said in an interview that Tesla’s investment in Bitcoin shows the personal interest of Elon Musk. CZ was surprised that Elon is so enthusiastic about the DogeCoin. But he further added the Tesla bought Bitcoin rather than Dogecoin which shows the interest of the CEO of the Electric Vehicles manufacturing company. CZ also believed that Dogecoin is the cryptocurrency that originated as a “joke”. But since then, it has gained a lot of popularity and exposure.

Elon Musk’s Opinion of Bitcoin

In response, Elon Musk made his stance clear about Bitcoin. He elaborated that Tesla’s investment in Bitcoin has nothing to do with his interests. Elon Musk also said that he considers Bitcoin as a “less dumb form of liquidity than cash”. Elon Musk has never been a supporter of cryptocurrencies in the past. But his present investment and stance are very interesting. Musk also said that other than Tesla, he owns no publicly traded stocks.

Changpeng Zhao’s astonishment on Elon Musk preferring Bitcoin over DogeCoin is justifiable if the past tweets of Tesla’s CEO are considered. Elon Musk had a strange comical relationship with Dogecoin which always suggested that Dogecoin is his priority in all the Cryptocurrencies available. Changpeng also mentioned, while talking to the media, that Elon Musk has no association with Dogecoin. But his investing in Bitcoin is still surprising.

But it is not just about Bitcoin or Dogecoin. Even in the past, Musk had never been a big supporter of Digital or virtual currencies. He always criticized this means of trading. Currently, his company is one of the heavy investors in Bitcoin. Tesla’s CEO also mentioned that he considers “Bitcoin as terrible as Fiat”. But he also stressed that the keyword is “almost”. Further, Musk commented that he feels amazing that goods and services can be exchanged with a simple text file using ancient crypto.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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