Tesla CEO, Elon Musk had an interesting discussion with the Bitcoin community on Twitter over the weekend as the American Entrepreneur called Bitcoin as useless as fiat money. He also changed his Twitter profile to “Former CEO of Dogecoin.”
The price of Dogecoin jumped nearly 30% after the recent announcement by Musk. Additionally, he praised the cryptocurrency by tweeting “One word: Doge.” Musk outlined his stance on Bitcoin and mentioned that Bitcoin is his safe word, but later on tweeted “Just Kidding, who needs a safe word anyway.”
The CEO of SpaceX had an interesting discussion with the Founder of MicroStrategy, Michael Saylor about the possibility of converting Tesla’s balance sheet to Bitcoin. Musk asked Saylor about moving large transactions on the Bitcoin network.
Musk teased the Bitcoin community with mixed tweets, he looked curious about the Bitcoin network but later on criticized BTC and termed it as bad as fiat money. In 2019, Musk completely denied rumors about Tesla getting involved in Bitcoin.
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Despite some criticism from Musk, the price of Bitcoin remained stable over the weekend.
Musk and Bitcoin
The founder of Tesla expressed concerns about Bitcoin-related scams in the past. “The crypto scam level on Twitter is reaching new levels, and it is not cool,” Musk mentioned in a tweet earlier this year. Musk left the crypto community guessing with his recent remarks about Bitcoin and apparent support of cryptocurrency Dogecoin. The price of Bitcoin is currently hovering around $24,000 as the world’s largest cryptocurrency jumped above $20,000 last week. The recent institutional adoption by leading Wall Street firms helped the BTC rally.
Saylor asked Musk if he wants to convert his Tesla balance sheet from USD to Bitcoin. “If you want to do your shareholders a $100 billion favor, convert the Tesla balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” Saylor tweeted on Sunday.