Musk says Bitcoin is a little better than holding cash

Musk also defended Tesla’s move to invest in Bitcoin. (AP photo)

Tesla Inc CEO Elon Musk said Thursday that owning Bitcoin is a bit better than holding traditional cash, but the slight difference made it a better asset.

Musk said in a tweet on Twitter: “However, when a fiat currency has a real negative interest, only a fool will not look anywhere else.” “Bitcoin is almost like paper money. The keyword is” almost. “

He also defended Tesla’s action to invest in bitcoin, saying the difference with the cash made it “adventurous enough” for the S&P 500 to hold the cryptocurrency.

Tesla’s $ 1.5 billion Bitcoin purchase pushed the cryptocurrency up to this week’s record high above $ 50,000, while the recent promotion of a Dogecoin holder on Twitter also pushed up the price of that cryptocurrency.

Bitcoin was steady at just below the record high of $ 5,284 on Friday.

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