Elon Musk called Tesla Inc.’s $ 1.5 billion Bitcoin bet on an “adventurous enough” investment for the company, after one of the loudest acolytes in the industry called out the billionaire’s advocacy for the lesser-known Dogecoin.
“Having bitcoin, which is just a less stupid form of liquidity than cash, is adventurous enough for an S & P500 company,” Musk wrote in a tweet following a Bloomberg TV interview. CEO of Binance Holdings Ltd. Changpeng Zhao.
Tesla conquered the business world as well as the cryptocurrency space when it announced this month, it had put $ 1.5 billion in cash into Bitcoin. That fueled the price of Bitcoin and sparked talks about the risks and benefits of adding cryptocurrencies to businesses. balances.
Zhao had said in the interview that he is surprised that Musk is a fan of Dogecoin, which has outperformed Bitcoin this year. Musk, the founder of Tesla and the world’s richest man, has tweeted several times about the Shiba Inu-themed cryptocurrency started as a joke in 2013. And Binance recently added Dogecoin futures to its platform to meet the new liquidity demand.
Zhao wondered in his interview why Tesla chose to buy Bitcoin when Musk is so “gung-ho” on Dogecoin. His comments prompted Musk to explain Tesla’s move, which also plans to accept Bitcoin as a payment method.
“If fiat currency has negative real interest rates, only a fool wouldn’t look elsewhere,” Musk wrote in his two-part tweet. “Bitcoin is almost as BS as fiat money. The keyword is ‘almost’. “
Optimism about institutional importance, among other things, has helped Bitcoin by more than 400% in the past year. Binance is bringing in new users at its fastest pace ever as Bitcoin surpasses $ 50,000. The exchange giant attracts more than 300,000 new user registrations daily, peaking above an earlier peak in 2017, Zhao said in the interview.
Binance’s own token BNB also outperformed Bitcoin, although Zhao noted it also carries a higher risk than the largest cryptocurrency, comparing their volatility levels. Binance Coin started as a loyalty program that boosted user transactions, but now supports the decentralized applications on Binance’s own blockchain.
“There’s a lot more activity in this industry now than there was three years ago,” said Zhao, who also goes through CZ. “We are only at the beginning.”
– With the help of Adrian Wong
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