Tesla CEO Elon Musk has said that his company’s actions do not reflect his own opinion. He tweeted this after Binance’s CEO Changpeng Zhao (CZ) talked about his company’s Bitcoin (BTC) purchase and the recent dogecoin (DOGE) hype.
The admiration that Musk holds for the meme-inspired Dogecoin has surprised many crypto enthusiasts. His tweets sent the coin’s price soaring on several occasions. Moreover, Tesla joined the list of companies storing reserve cash in Bitcoin by investing $1.5 billion in the leading cryptocurrency.
Elon Musk Full of Surprises
People are often advised to watch what billionaires do with their money, not what they say. Very few expected Musk to bet big on Dogecoin anyway, but CZ has pinpointed this.
“I’m surprised that Elon’s so gung-ho on Dogecoin,” he said in an interview.
"I'm surprised that Elon's so gung-ho on Doge coin," says Changpeng Zhao, CEO of Binance, world’s largest #cryptocurrency exchange by volume, which launched futures for $DOGE. But he notes that @elonmusk's Tesla bet $1.5 billion on #Bitcoin, not Dogecoin https://t.co/POz36hPpC9 pic.twitter.com/oxjI9U0SQa
— Bloomberg (@business) February 19, 2021
CZ said he strongly believes that Musk is not associated with Dogecoin, and further outlined that despite Musk’s admiration for the asset, Tesla bought Bitcoin.
Musk replied on Twitter, saying that Tesla’s decisions are not subject to his opinion. He said that Bitcoin is “a less dumb form of liquidity than cash and is adventurous enough for an S&P 500.”
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
Controversial Bitcoin Stance
Eventually, Musk has left many puzzled on his actual stance. He was previously known as a big critic of digital currencies. Today, he is regarded as one of the most influential Bitcoin proponents.
He tweeted that Bitcoin is almost as terrible as fiat. According to him, people are compelled to think of alternatives because of the steady devaluation of fiat currency. “The keyword is ‘almost’,” Musk emphasized.
He also clarified that he owns no publicly traded stocks except Tesla (TSLA). When asked why he thought Bitcoin was “BS at all,” he answered:
“Somehow, a hash text file using ancient crypto can be exchanged for real goods & services!? Amazing.”
