ELON Musk has claimed Bitcoin is slightly better than real cash.
The Tesla CEO explained in a tweet that the difference was only slight but implied the cryptocurrency was a better asset.
Part of Musk’s tweet explained: “When fiat currency has negative real interest, only a fool wouldn’t look elsewhere.
“Bitcoin is almost as bs as fiat money. The key word is ‘almost’.”
These comments lead news outlets like Reuters to state that Musk now thinks Bitcoin is better than holding real cash.
Fiat money just means government-issued money like pounds or dollars.
Elon Musk’s tweets can be highly influentialCredit: Reuters
Musk was tweeting to defend Tesla’s recent $1.5 billion Bitcoin purchase.
This sent the value of one Bitcoin soaring to above $50,000 (£36,000).
Musk also lifted the price of joke cryptocurrency dogecoin by tweeting about.
Dogecoin was originally invented as a “fun version of bitcoin” in 2013 by software engineers Jackson Palmer and Billy Markus and a single coin was worth just $0.005405 at the start of 2021.
Tweets from Musk and Reddit threads managed to increase its value slightly.
Before you consider looking into Dogecoin, you should note that cryptocurrencies are highly volatile.
This means your cash could go up as well as down, so you need to be prepared for the risks involved.
Investing is also never a guaranteed way to make money.
What is Bitcoin?
Bitcoin got you baffled? Here’s what you really need to know
- Bitcoin is a virtual currency
- It’s traded between people without the help of a bank
- Every transaction is recorded in a public ledger, or ‘blockchain’
- Bitcoin is created by mining
- Mining involves solving difficult maths problems using computer processors
- Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities
- A single Bitcoin is worth just under £5,000 today, but the value fluctuates wildly
- Bitcoin is one of many different cryptocurrencies, but by far the most popular
In other news, Amazon is working on a new virtual currency that users could spend on its platforms.
Tracking pixels in standard emails many of us receive everyday have been blasted as a “grotesque invasion of privacy”.
And, Apple user can now pay with Bitcoin on their iPhones.
What are your thoughts on Bitcoin? Let us know in the comments…
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