Elon Musk

Elon Musk: ‘Bitcoin is less dumb than cash’

He also dropped hints about MarsCoin

Elon Musk Bitcoin

Elon Musk: ‘Bitcoin is less dumb than cash’. Source: unsplash.com

Today, Elon Musk, Tesla CEO has noted on Twitter that corporations are better off holding Bitcoin as opposed to cash.

This comes with the current low-interest rates markets. Elon’s comment, however, is not a reflection of Tesla’s purchase.

— Elon Musk (@elonmusk) February 19, 2021

While he is still uncertain about Bitcoin, he terms cash as silly and Bitcoin as almost fiat money.

Prior to that, in a response to Changpeng Zhao, Binance CEO, Elon affirmed that cryptocurrencies will be availed to Mars.

Elon, who is an advocate and admirer of Dogecoin pointed out that the meme-inspired digital asset is over concentrated. In a move to remedy the situation, Musk would even spend to void major Dogecoin holders’ accounts.

In a solution offered to the problem, a new coin referred to as Elon Coin would be created and distributed to non-dominant DOGE holders. Zhao claims the new initiative should be referred to as MarsCoin.

However, there is already a MarsCoin. Developed in 2014, the $MARS project has been trading below $0.09 the day before Elon Musk’s tweet. With the price rising, $MARS has recorded an all-time high of $2.50 on February, 14. At the moment of publishing this article, the price has been around $0.27.

We’ve reported that Elon Musk’s Tesla bought $1.5 billion of Bitcoin.


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