{"id":139010,"date":"2020-12-22T00:32:43","date_gmt":"2020-12-21T21:32:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-trolls-bitcoin-sends-rival-dogecoin-soaring\/"},"modified":"2020-12-22T00:32:43","modified_gmt":"2020-12-21T21:32:43","slug":"elon-musk-trolls-bitcoin-sends-rival-dogecoin-soaring","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-trolls-bitcoin-sends-rival-dogecoin-soaring\/","title":{"rendered":"#Elon Musk trolls Bitcoin, sends rival ‘Dogecoin’ soaring"},"content":{"rendered":"

“#Elon Musk trolls Bitcoin, sends rival ‘Dogecoin’ soaring<\/strong>”
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Elon Musk called Bitcoin \u201cbs\u201d in a series<\/a> of bizarre weekend tweets that also sent the price of a rival cryptocurrency soaring. <\/p>\n

The world\u2019s second-richest man app<\/a>eared to question the legitimacy of all cryptocurrencies during an early morning rant before later toying with the idea of converting the cash on Tesla\u2019s balance sheet into digital money, which has been on a tear. <\/p>\n

\u201cBitcoin is almost as bs as fiat money,\u201d he wrote<\/a> at 4:24 a.m. New York time, referring to a term for government-issued currency that\u2019s not backed by a physical commodity like gold. <\/p>\n

The US dollar and other major currencies around the world are considered fiat currencies. Musk has previously taken issue with governments printing large amounts of money \u2014 he said<\/a> in May that \u201cmassive currency issuance by govt central banks is making Bitcoin Internet [ghost] money look solid by comparison.\u201d<\/p>\n

Musk simultaneously generated some buzz around Dogecoin, which is named for a famous internet meme featuring a shiba inu dog. The alternative cryptocurrency was launched in 2013 and has a market value of about $622 million, a tiny fraction of Bitcoin\u2019s $423 billion.<\/p>\n

\u201cOne word: Doge,\u201d Musk tweeted<\/a>. He also changed his bio on the site to say \u201cFormer CEO of Dogecoin.\u201d<\/p>\n

Dogecoin\u2019s price surged as much as 20 percent to its highest price since early July after Musk\u2019s tweet, according to cryptocurrency news site Coindesk<\/a>. The coins were trading up about 9 percent as of 2:01 p.m. Monday but were still worth less than a penny at roughly $0.0049.<\/p>\n

A few hours later, the Tesla CEO tossed about the idea of converting the cash on Tesla\u2019s balance sheet into cryptocurrency in an exchange with Michael Saylor, a big Bitcoin backer who\u2019s also the CEO of business-intelligence firm MicroStrategy.<\/p>\n

Saylor \u2014 whose company has bought more than $1 billion<\/a> worth of Bitcoin this year \u2014 tweeted that Musk should \u201cdo your shareholders a $100 billion favor\u201d and convert Tesla\u2019s balance sheet from dollars into the digital currency. <\/p>\n

\u201cOther firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,\u201d Saylor wrote Sunday in response to a risqu\u00e9 meme<\/a> Musk posted suggesting Bitcoin was a female seductress trying to tempt chaste men.<\/p>\n

That prompted Musk to ask, \u201cAre such large transactions even possible?\u201d Saylor replied that they were, but Musk didn\u2019t inquire further on Twitter<\/a>.<\/p>\n

Musk\u2019s tweetstorm comes amid a dizzying rally for Bitcoin that sent it above the $20,000 mark for the first time last week.<\/p>\n

The tech billionaire\u2019s cryptic tweets make it tough to suss out his actual views on cryptocurrency, but one offers a hint. When a follower speculated that Bitcoin\u2019s price will crash but also reach $50,000 in the next five years, Musk replied<\/a>, \u201cSounds about right.\u201d<\/p>\n

\u201cBitcoin is my safe word,\u201d he joked <\/a>in the early-morning rant before following up about 20 minutes later by adding, \u201cJust kidding, who needs a safe word anyway!?\u201d\n <\/div>\n