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

[Goldlife]

By Zheping Huang, Shery Ahn and Haidi Lun

Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash.

“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a reference to the sub-zero returns on cash caused by negative-yielding debt. The comments pushed Bitcoin to a record on Friday, with prices climbing above $53,000.


More info: https://m.economictimes.com/topic/Binance/amp