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Bitcoin climbs above $53,000 as Elon Musk backs crypto over cash

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JUST When fiat money has a real negative interest, only a fool would look elsewhere, ”Musk said, referring to the reversal of less than zero in cash due to bad credit. The comments pushed Bitcoin to a record on Friday, with prices rising more than $ 53,000.

In a way, Musk's comments summarize one of the biggest problems facing the markets this year. With so much investment in the financial system from governments fighting the epidemic, investors are increasingly worried about inflation and are looking for alternative sources of investment.

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Bloomberg

"Having a certain Bitcoin, which is the only dumb currency than cash, is a good enough thing for the S&P 500 company," Musk wrote, adding that Tesla's decision to buy Bitcoin does not directly reflect his vision.

“Bitcoin is almost as bs as fiat currency. The key word ‘almost,’ ”he added.

Bitcoin was up sharply as 2.4% to $ 53,263 from 9:55 a.m. Friday in New York. This week alone, prices have risen by almost 10%.

Musk's post was in response to a statement from the chief of Binance Holdings Ltd. Changpeng Zhao. In a Bloomberg Television interview, Zhao wondered why Tesla bought Bitcoin when it was "gung-ho" at Dogecoin. Musk said he is an engineer, not an investor, and has no public right to sell other than Tesla.

This year, the millionaire has tweeted about cryptocurrency-related topics many times, with his invitations and jokes about Bitcoin and Dogecoin - the money that draws the playing language - which often drive markets.

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Bitcoin Price TodayTesla Inc.CryptocurrencyDogecoinMoneyElon MuskFiatCashBitcoin

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