The billionaire CEO of Tesla Inc., Elon Musk, has dropped another one of his bullish opinions on cryptocurrencies’ performances, this time asserting that bitcoin is a little better than holding fiat currencies.
In a Friday report from Reuters, Musk stated that within the short time of holding bitcoin, he has found out that bitcoin is better than fiat and that makes it a much better asset class.
Little But Undeniable
In a bid to be fair with his statement, Musk noted clearly that both bitcoin and fiat were almost of the same holding value. Thus, noting that owning Bitcoin is only slightly better than holding physical cash.
“Bitcoin is almost as best as fiat money.” He said.
However, despite the very little difference that Musk had pointed out, he noted that it defines Bitcoin to be a better choice of an asset to hold. Musk affirmed this while elaborating on his statement, thus citing that “the keyword is ‘almost’.”
According to Musk, Bitcoin is the best alternative to cash in situations when the fiat currency would only yield adverse interests.
His said,
“However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.”
Tesla Chose Bitcoin Over Cash
While backing his perspective on the matter, Musk cited that Tesla’s choice to invest a whopping $1.5 Billion in Bitcoin was as a result of the hedge Bitcoin has over fiat money.
According to him, the little but inevitable difference between owning Bitcoin and holding fiat currency made it “adventurous enough” to choose to buy Bitcoin over holding cash.
Musk’s consistent bullish tweets on cryptocurrencies have seen many of his followers, especially the youths, becoming increasingly interested in crypto-related conversations on the social media platform, Twitter.
Elon Musk is relentlessly displaying his support and love for cryptos. Not only is he a big fan of bitcoin, but he is also actively pumping the meme-inspired cryptocurrency, Dogecoin, through several of his posts.
The ongoing rally is gradually but progressively driving cryptocurrencies to attain the goal of global adoption. With financial regulators and several global financial services providers joining the trend, mainstream adoption is not so far-fetched.
