Tesla and SpaceX chief executive Elon Musk just mentioned Bitcoin again in a cheeky tweet published just minutes ago. Referencing comments he made previously about the leading cryptocurrency, Musk quipped “Bitcoin is my safe word.”
In January, the billionaire said that the leading cryptocurrency is “not [his] safe word.”
But he is also a passionate believer in the crypto-asset market.
In an interview with Kathie Wood of ARK Invest, Musk said that he thinks Bitcoin has a “brilliant” structure, though criticized its energy-sapping design. He has also said that he thinks BTC does have some value in a world where fiat money is being printed away at a rapid clip.
He has, to some extent, criticized Bitcoin by saying that it is unlikely to become the world’s base layer for payments.
Billionaires on Bitcoin
While Musk has stated that he doesn’t invest in Bitcoin, there are other billionaires that do and have come out in support of the asset over recent months.
Most recently and notably, Wall Street financier Stan Druckenmiller said to a CNBC audience that he thinks BTC is better than gold in the current climate. Druckenmiller attributed this sentiment to the fact that BTC is a scarce asset and the fact that it does have a lot of support from younger investors.
As these younger investors inherit capital, capital should naturally flow into BTC.