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Bitcoin Climbs Above $53,000 as Musk Backs Crypto Over Cash

  • The cryptocurrency hit a record on Friday after Musk’s tweets
  • Musk says Tesla’s Bitcoin investment is ‘adventurous enough’
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Watch: Changpeng “CZ” Zhao, founder and chief executive officer at Binance Holdings Ltd., discusses the rally in bitcoin, fair value for the cryptocurrency and his outlook for his own Binance coin. He speaks exclusively on “Bloomberg Daybreak: Asia.”

(Source: Bloomberg)
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Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash.

“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a reference to the sub-zero returns on cash caused by negative-yielding debt. The comments pushed Bitcoin to a record on Friday, with prices climbing above $53,000.