Bitcoin crossed $53,000 as Elon Musk backs it over cash
Bitcoin was up as much as 2.4% to $53,263 as of 9:55 a.m. Friday in New York. Just this week, prices have jumped about 10%.
Elon Musk, Tesla Chief Executive Officer said that Tesla's investment in Bitcoin is not directly reflective of his opinion. "When fiat currency has negative real interest, only a fool wouldn't look elsewhere," he said.
Musk has posted a somewhat cryptic tweet Friday that appeared in part to defend the company’s action, saying Bitcoin “is simply a less dumb form of liquidity than cash” while adding that the electric vehicle maker’s decision isn’t directly reflective of my opinion.
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