“Bitcoin is almost a currency…holding cash is a stupid thing”
Domestic price of 65 million won, market cap exceeded $1 trillion
Photo = Reuters
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Elon Musk, CEO of Tesla, an electric vehicle maker in the United States, regards not investing in bitcoin as a’stupid’, and said Tesla’s investment in bitcoin is a legitimate decision.
When the real interest rate of fiat currency is negative, it is only fools who do not look elsewhere.
(When fiat currency has negative real interest, only a fool wouldn’t look elsewhere)
According to foreign media on the 19th (local time), Musk commented on Twitter when the news that Zhang Fengqiao, CEO of the cryptocurrency exchange Binance, was curious about the reason for Tesla’s investment in Bitcoin in a media interview.
Musk said that Tesla’s bitcoin investment did not directly reflect his opinion. “Holding bitcoin is a less stupid act than holding cash, and bitcoin is almost like money.”Said.
In addition, the investor mentioned that Tesla is a company incorporated into the S&P 500, the representative stock index in the United States. “It’s exciting enough”He emphasized. Reuters reported, “Musk defended Tesla’s Bitcoin investment by revealing the idea that holding bitcoin is better than holding cash.”
Tesla said on the 8th that it bought 1.5 billion dollars worth of bitcoin and plans to make it possible to buy a car with bitcoin in the future. Tesla’s money to buy bitcoin is 7.8% of the company’s cash assets ($19 billion).
‘Star CEO’ Musk’s aggressive remarks in cryptocurrency advocacy have acted as a catalyst for the recent coin price rise. It would not be overwhelming even if the investor and the market were in control. However, the criticism that it is actually crossing the breathtaking level, which is close to’market price control’, is not easy. Tesla’s stock price and bitcoin price have been moving similarly as they surged after the coronavirus outbreak.
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Tesla Chief Executive Officer Elon Musk / Photo = Reuters
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Musk changed his Twitter account self-introduction to’#bitcoin’ last month, arousing the interest of individual investors. In an interview with the clubhouse earlier this month, he said, “I should have bought bitcoin eight years ago,” and “Bitcoin will be widely accepted among people in the traditional financial world.”
There is also a cryptocurrency called’Doji Coin’ developed as a joke just because Musk mentioned it. He posted on Twitter one after another, “Dojicoin is a cryptocurrency of the general public”, “Neither high nor low, only Doji”, and “I bought Dojicoin for a small X (son)”, and the market price skyrocketed each time.
Musk has often been dressed up as a’useless mistake’. He wrote on Twitter in August 2018 that “we are considering converting Tesla into a privately held company for $420 per share,” but was sued by the US Securities and Exchange Commission (SEC) for securities fraud. Musk resigned as chairman of Tesla’s board of directors and agreed to cancel the complaint on condition that he and the corporation were fined $20 million each without re-employing for three years.
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Bitcoin price broke an all-time high again.
On the 20th, on the cryptocurrency exchange Upbit, bitcoin was traded at 10:17 am for 65092,000 won. It exceeded 60 million won before midnight the night before, and gradually increased the peak afterwards.
According to CoinDesk, the price of bitcoin in the US market reached 56,000 dollars at the same time. Bitcoin value has more than quadrupled last year and has risen more than 80% this year. Bitcoin’s market capitalization first crossed the $1 trillion wall.
Reporter Lim Hyun-woo [email protected]
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