Elon Musk responds to accusations from Binance chief

Dogecoin and bitcoin: Elon Musk responds to accusations from Binance chief

Elon Musk doesn’t seem to like what Binance CEO thinks about him in regards to DOGE and BTC. Musk responds via Twitter.

Changpeng Zhao, CEO of Binance, made a statement on Bloomberg. It was about Elon Musk and his relationship with Dogecoin. He is very surprised that the Tesla CEO is such a big Dogecoin enthusiast. The CEO of Binance thinks that Musk is not seriously involved in Dogecoin. Rather, he assumes that Musk sympathises with Dogecoin for The News Spy platform unknown personal motives. His statement thus suggests that Musk is primarily making fun of the Dogecoin hype. Especially since he invested in Bitcoin with Tesla and not in Dogecoin.

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&P500 company.
– Elon Musk (@elonmusk) February 19, 2021

Tesla’s action does not directly reflect my opinion. Having some bitcoin, which is simply a less stupid form of liquidity than cash, is adventurous enough for an S&P500 company.
Elon Musk via Twitter

DOGE was the victim, or rather the profiteer, of numerous pump-&-dump actions at the beginning of the year

The Tesla CEO could not stand idly by and called Dogecoin the „crypto of the people“ (via Twitter). However, he went on to express concern that DOGE has too high a degree of centralisation. Musk’s tweet has since caused the DOGE price to stabilise. There is no denying that the Tesla CEO is sympathetic to Dogecoin. After all, he announced via Twitter that he bought the meme cryptocurrency for his son.

Samson Mow, CSO of Blockstream, commented on Musk’s tweet, „You’re just sad you didn’t buy sooner.“ Mow is referring to the already relatively high entry price at which Tesla acquired BTC.

However, Musk also claimed it would be foolish not to seek alternative investments while „fiat money has negative real interest rates“

„If fiat money has negative real interest rates, only a fool would not look elsewhere. Bitcoin is almost like fiat money. The key word is almost.'“
Musk via Twitter

The same sentiment is echoed by Microstrategy CEO Michael Saylor, who has repeatedly questioned the US dollar this week. For example, he had announced around another billion US dollars to be exchanged for Bitcoin.