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Elon Musk supports Bitcoin with a new permit


 Elon Musk supports Bitcoin with a new permit

Tesla CEO Elon Musk praised the digital currency, "Bitcoin", saying that owning it is slightly better than possessing traditional cash, but this slight difference makes it a better asset to possess.

Elon Musk supports Bitcoin with a new permit

"When a fiat currency has a negative real interest rate, only an idiot will not look elsewhere," Musk said in a tweet, adding, "In formation almost ... like fiat money. The key word is almost here."

Musk defended Tesla's move to invest in Bitcoin, saying that the difference from cash made it a suitable adventure for the company included in the Standard & Poor's 500 Index to acquire the cryptocurrency, according to Reuters.

Tesla's purchase of $ 1.5 billion in Bitcoin, the cryptocurrency, pushed the cryptocurrency to a record high this week above $ 50,000, while Musk's recent promotion of Dogecoin pushed the price of the cryptocurrency higher.

New record high

Bitcoin hit a new record high on Friday, and is moving towards achieving a market value of one trillion dollars, ignoring analysts' warnings that it constitutes "a sideways economic offer and a flimsy hedge against falling stock prices."

The value of the most popular digital currency in the world jumped 2.6 percent, recording $ 52,932, its highest value ever, putting it on the path of recording an eight percent jump in a week.

The value of Bitcoin has increased nearly 60 percent since the beginning of the month, and the currency's gains have fueled indications that it is acceptable to major investors and huge companies such as Tesla, MasterCard and even BNY Mellon.

According to the CoinMarketCap website, which tracks cryptocurrency data, the latest gains pushed Bitcoin's market value to $ 982 billion, while the market value of all digital currencies combined is about $ 1.6 trillion.