“However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a tweet. “Bitcoin is almost as bs as fiat money. The key word is ‘almost’.”
Tesla’s $1.5 billion bitcoin purchase set the cryptocurrency soaring toward this week’s record peak above $50,000 while Musk’s recent promotion of dogecoin on Twitter also lifted the price of that cryptocurrency.
Bitcoin was steady just below a record peak of $51,284 on Friday.
(Reporting by Aishwarya Nair and Shubham Kalia in Bengaluru; Editing by Sam Holmes)