Elon Musk defended Tesla's bet to invest $ 1.5 billion in bitcoin after the CEO of Binance called for the billionaire's support for the internet memes-based Dogecoin token. "Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company," Elon Musk tweeted in response to a Bloomberg interview with Binance CEO Changpeng Zhao.

Tesla has made a big publicity for bitcoin by announcing not only its large investment, but also that it plans to adopt digital good as a form of payment for its products. In the interview, Changpeng Zhao said he was surprised Elon Musk was a supporter of Dogecoin, given that it was created as a joke. Elon Musk posted several tweets about the Shiba Inu dog token, causing its price to rise. Last week he said he bought some for his 9 month old son.

"I strongly believe that he's not really associated with Dogecoin in any way," Changpeng Zhao said of Elon Musk, noting that Tesla's bet was on bitcoin, not on the active "joke". However, Binance recently added Dogecoin to its contracts based on consumer demand. This is because it is gaining popularity for reasons no one expected, Mr. Zhao said.

Bitcoin accumulates records

Changpeng Zhao's comments prompted a response from Elon Musk, in which he explained the reason for Tesla's decision. "When fiat currency has negative real interest, only a fool wouldn't look elsewhere," the boss of Tesla and SpaceX tweeted. "Bitcoin is almost as bs as fiat money. The key word is 'almost.'"

Other names on Wall Street appear to be embracing bitcoin as well, which has pushed the price of the token to an all-time high of over $ 52,000 (around $ 43,000). As bitcoin hits new highs, Changpeng Zhao said Binance is seeing more than 300,000 new users per day. The last time the stock market saw such remarkable levels was during the bitcoin boom in 2017, but volumes are even higher now.

"There's a lot more activity now in this industry than three years ago," Zhao said. "We are just at the beginning." The enthusiasm around bitcoin continued on Friday, with an increase of 2%, to trade around 52,740 dollars at 9:40 GMT.

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