Elon Musk says bitcoin is slightly better than holding cash

Monday, February 22, 2021 at 4:32pm UTC

Tesla CEO Elon Musk on Thursday said that owning a bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold.

He also defended Tesla's action to invest in bitcoin, saying that the difference with cash made it adventurous enough for the S&P 500 company to hold the cryptocurrency.

Tesla's $1.5 billion bitcoin purchase set the cryptocurrency soaring toward this week's record peak above $50,000 amid Musk's recent promotion of dogecoin on Twitter.