Elon Musk calls Tesla’s bitcoin investment ‘quite risky’.

Founder and CEO of Tesla, Elon Musk, commented on the company’s purchase of Bitcoin, hinting that it was not his decision. He called the investment ‘quite risky’.

In an interview with Bloomberg, Binance chief Changpeng Zhao noted that despite Musk’s enthusiasm for the Dogecoin project, Binance bought not this altcoin, but the first cryptocurrency worth $1.5 billion.

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P 500 company.

— Elon Musk (@elonmusk) February 19, 2021

Tesla’s actions do not directly reflect my opinion. Owning some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for a company in the S&P 500,” he wrote in response.

He added that he is an engineer, not an investor, and does not own any shares in public companies other than Tesla.

However, when fiat currencies have negative real yields, only a fool would look elsewhere. Bitcoin is almost as nonsense as fiat money. The keyword is “almost,” he added.

Earlier, former Goldman Sachs investment chief Gary Black closed a long position in Tesla shares after the company bought Bitcoin.

Analysts at JPMorgan doubted that corporations would follow the automaker’s lead and invest in digital gold. They cited the asset’s high volatility.

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