Bitcoin at new excessive of $53,263 after Elon Musk defends Tesla’s funding

Following approval by the Musk, Bitcoin rose to its new record high of $ 53,263 at 9:55 a.m. on Friday in New York. The cryocurrency was up 10 percent just this week

Bitcoin made another appearance on Friday after billionaire Elon Musk defended his electric vehicle maker Tesla’s investment in the popular cryptocurrency. After Musk’s tweet describing Bitcoin as “simply a less stupid form of liquidity than cash,” the digital currency hit a new high of $ 53,263.

“Tesla’s approach doesn’t directly reflect my opinion. Having Bitcoin, which is simply a less stupid form of liquidity than cash, is adventurous enough for an S&P500 company,” Musk tweeted in response to a tweet about causing sub-zero cash returns through negative interest-bearing debt.

“To be clear, I’m * not * an investor, I’m an engineer. I don’t even own publicly traded stocks other than Tesla. However, if the fiat currency has a negative real interest, just a fool wouldn’t look elsewhere. Bitcoin is almost as bad as fiat money. The key word is “almost,” he added.

To be clear, I am * not * an investor, I am an engineer. I don’t even own publicly traded stocks other than Tesla.

However, when the fiat currency has a negative real interest, just a fool wouldn’t look elsewhere.

Bitcoin is almost as bad as fiat money. The key word is “almost”.

– Elon Musk (@elonmusk) February 19, 2021

Following approval by the Musk, Bitcoin rose to its new record high of $ 53,263 at 9:55 a.m. on Friday in New York. The cryocurrency was up 10 percent just this week.