Elon Musk: "Bitcoin is almost as bs as fiat money"

[20kevin20]

After so many pumps sparked by Elon Musk through his tweets, Musk calls Bitcoin "almost as BS as fiat money".

He had "Bitcoin" on his Twitter bio recently. His company just invested $1.5B in BTC. He sparked bull runs for a memecoin and called crypto the future currency of Earth - why would Musk back off the Bitcoin bullish mindset and call Bitcoin BS?

The tweet:

To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.
However, 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”.

Source: https://twitter.com/elonmusk/status/1362600676174557186

[Ryker1]

Well, this is what we expect from them, the ^{[institutional]} investors and the ^[influencer] investors, that anytime they will control the price of bitcoin. Believe me or not, that man was trying to manipulate bitcoin and start making negative comments towards bitcoin. That is not the first time he called bitcoin as a ^[BS] if I am not wrong last year, he also called bitcoin is a BS currency fiat not this as the first time. He obviously now a market manipulator, who knows he wants a dump so that he can able to invest again.

[tinopener]

I think things like this can be taken out of context, when you pick them out of a conversation in isolation.

He was probably just giving a little bit of ground in the conversation in order to prove his point.

Yes, he can be a bit of a loose cannon, but do *you* really believe Elon Musk thinks Bitcoin is BS after buying that much of it?

[pixie85]

Musk likes to make fun of things.

BS probably meant that while fiat is made out of thin air and loses value fast because of inflation Bitcoin also appeared out of nowhere and gains value due to FOMO

Don't bash Elon too hard. He likes bitcoin.

[ene1980]

After so many pumps sparked by Elon Musk through his tweets, Musk calls Bitcoin "almost as BS as fiat money".

Elon Musk made the bullshit comparison between fiat and bitcoin and few days ago and this might be his latest tweet as he might be facing some heat as it was evident that he was manipulating the market with his tweets and with the price of bitcoin and doge rallying he might got some warning from his lawyers to retract and hence these tweets .

 
 

[androyster]

My bet is he's testing how much an affect he has on the over all value of Bitcoin once he makes a comment about it.  

It's a power trip.  How else does the richest man in the world get his kicks lol?  Of course you folks do know how utterly
nuts the guy is right?  He believes that mankind is a computer program.  And that is just one crazy notion this guy has.

[franky1]

guess he bought at $30k .. sold at $45k for a easy 50% win.
now wants to ride the price down below $45k again to buy in cheap and get more coin

sounds about normal
buy low sell high. wait for next low.

[androyster]

guess he bought at $30k .. sold at $45k for a easy 50% win.
now wants to ride the price down below $45k again to buy in cheap and get more coin

sounds about normal
buy low sell high. wait for next low.

He's gotta cash out some first.  We wouldn't know it if he did.

[tinopener]

guess he bought at $30k .. sold at $45k for a easy 50% win.
now wants to ride the price down below $45k again to buy in cheap and get more coin

sounds about normal
buy low sell high. wait for next low.

I doubt he sold yet. It would be all over the media as Tesla would have to disclose it.

It's very different from him holding it personally.

If anything, he truly believes in Bitcoin if he is tying it directly to the fate of his beloved company.

[cryptomcclalleb]

what happens to the price if he was to sell all his holding?

[tinopener]

what happens to the price if he was to sell all his holding?

I imagine it would go down.

If you are worried about it, buy Tesla shares as a hedge, as they seem to have dived since they bought Bitcoin 

[Wexnident]

I guess people have been having difficulties making out which is Elon Musks opinion vs his companys' (Tesla) opinion. People have judged that he was pro-Bitcoin due to Tesla buying such a huge amount, but in his defense, it seemed like a commonsense move due to being right now, holding your money by buying Bitcoin is by far better than any other option available. I don't really know much of what his tweets are about, but based on his words and the tweet prior to what op has posted, you can immediately understand those answers.

Although I do think his interest in Dogecoin is personal, compared to Bitcoin which is viewed from a business perspective instead.

[cryptomcclalleb]

what happens to the price if he was to sell all his holding?

I imagine it would go down.

If you are worried about it, buy Tesla shares as a hedge, as they seem to have dived since they bought Bitcoin 

I bought 50 shares of Tesla back in 2018 and like always, I wish I bought more. Not worried, just wondering what people are thinking.

[Natsuu]

what happens to the price if he was to sell all his holding?

I imagine it would go down.

If you are worried about it, buy Tesla shares as a hedge, as they seem to have dived since they bought Bitcoin 

It would really go down, as it is now actually visible in our naked eyes that ELON MUSK has the power to manipulate the flow of cryptocurrency just by typing in his twitter and pressing the post button. So if he would sell and post it, BTC might experience a great correction, not just by 20 or 30k, it can even reach 40k down.

[pakhitheboss]

I guess people have been having difficulties making out which is Elon Musks opinion vs his companys' (Tesla) opinion. People have judged that he was pro-Bitcoin due to Tesla buying such a huge amount, but in his defense, it seemed like a commonsense move due to being right now, holding your money by buying Bitcoin is by far better than any other option available. I don't really know much of what his tweets are about, but based on his words and the tweet prior to what op has posted, you can immediately understand those answers.

Although I do think his interest in Dogecoin is personal, compared to Bitcoin which is viewed from a business perspective instead.

But still, he owns a majority of the stocks in Tesla and if he is saying anything on Twitter then he is referring to his companies views too. I think we should not take that tweet so seriously. He comes on to Twitter quite often now and if he continues like this people will not take him seriously.

[btc78]

After so many pumps sparked by Elon Musk through his tweets, Musk calls Bitcoin "almost as BS as fiat money".

This is only proves Him right , that He is a Nonsense Individual that only wanted to Play with the crypto market.

He is trying to see how influential He is in Crypto community and if The pumps  really sparks by him and now if the Dumps will be coming from Him as well.
But this time I'm sure he will fail and people will realized that what they once believe is a pure of BS show only.

Let's not fall into trap and Keep the Market heating and not by Him playing us all along .

[Darker45]

First off, it looks to me Elon is a player. Moreover, his words are sometimes enigmatic, sarcastic, and so on. And more often, people or his tens of millions of followers, many of them blind, probably do things which are not the ones Elon must have wanted them to do as per his tweets or statements. But he doesn't care about them. He just does his thing. Elon is probably thinking he doesn't have any responsibility over his followers, and perhaps rightly so.

Secondly, it seems to me Elon does not have the perfect money in mind. And the statement in the OP does not mean Elon is backing off as a Bitcoin bull. In the first place, was he ever a Bitcoin bull? What's clear is that Elon is not a fan of fiat. And Bitcoin critics cannot just celebrate simply because Elon calls Bitcoin almost as BS as fiat. It seems this is just a battle of lesser evil. Both are BS but one is apparently better than the other.

[Sayeds56]

After so many pumps sparked by Elon Musk through his tweets, Musk calls Bitcoin "almost as BS as fiat money".

He had "Bitcoin" on his Twitter bio recently. His company just invested $1.5B in BTC. He sparked bull runs for a memecoin and called crypto the future currency of Earth - why would Musk back off the Bitcoin bullish mindset and call Bitcoin BS?

The tweet:

To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.
However, 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”.

Source: https://twitter.com/elonmusk/status/1362600676174557186

He is a smart Business man without any doubt and using his clout to promote Bitcoin as an alternative currency because he is heavily invested in it. He strongly  believes in its potential to grow many folds in coming months and years. He has been very successful so far to attract investment of general public and institutions in BTC. Using Tesla to promote Bitcoin and Bitcoin to promote Tesla is very smart strategy.

 https://qz.com/1971100/buying-bitcoin-after-an-elon-musk-tweet-is-a-rational-move/

[blue Snow]

My bet is he's testing how much an affect he has on the over all value of Bitcoin once he makes a comment about it. 

Bitcoin has made Elon more famous than before. his Twitter follower growing up after mentioned bitcoin daily. he must say thank you into bitcoin. Overall whatever his comment does not make bitcoin price falling down so much, we know he only one of which is an investor for a small value. it's not affected anything.

[Vaskiy]

As most users mentioned he's a player, smart businessman and more of a Wall Street professional. When someone has got money, automatically they'll get into more tricks and techniques to keep it growing. One such act is the recent activities of Elon Musk. I ain't good enough to state his mind, but it striked my mind.

At what price he could've invested on bitcoin, for sure he could've invested at the price below $10000. What he has earned out of the investment is huge. Now he needs buying volume to sell off so keeps pumping the market through different activities. Right now the buying volume is low, and this restricts him from taking away the profit and leave the market for now.