Musk Defends Tesla Bitcoin Move, Says Token Less Dumb Than Cash

Elon Musk called Tesla Inc.’s $1.5 billion Bitcoin bet an “adventurous enough” investment for the company, after one of the industry’s loudest acolytes called out the billionaire’s advocacy of lesser-known Dogecoin.“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company,” Musk wrote in a tweet, in response to a Bloomberg TV interview with Binance Holdings Ltd. CEO Changpeng Zhao.Tesla took both the corporate world and the cryptocurrency space by storm when it announced this month it had put $1.5 billion of cash into Bitcoin. That prompted a surge in Bitcoin’s price and has fueled talk about the risks and benefits of adding cryptocurrencies to corporate balance sheets.Zhao had said in the interview he’s surprised that Musk is a fan of Dogecoin, which has outperformed Bitcoin this year. Musk, the founder of Tesla and the world’s richest man, has tweeted…

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