In an exclusive interview with Bloomberg, Binance CEO, Changpeng Zhao was asked about Dogecoin futures being implemented on his platform. The interviewer also, mentioned that Elon Musk seems to be a big fan of the crypto. Zhao responded saying, "I'm surprised that Elon's so gung-ho on Doge coin,"
You can see the interview clip below, along with Elon Musk's responses:
Zhao also said, "Elon Musk, Tesla bought Bitcoin, not dogecoin".....
Not surprisingly, his response was very typical. There is always going to be a fraction of people who are either ignorant of the coins technology and potential, along with those who intentionally look to undermine and even disregard the crypto. In this case, the Binance CEO also took it upon himself to assume Elon Musk must regard Bitcoin over dogecoin since he invested in the former.
Elon's Clap Back
If you pay close enough attention to Elon's responses; he was indirectly defending dogecoin, buy his take on Fiat currency, along with bitcoin.
Lets break it down
Elon Musk said: "Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company."
Keep in mind that Elon Musk owns only about 20% of Tesla(which gives him alot of influence and power), but it's not 100% reflective of his personal preferences.
He clarifies that the decision to buy into bitcoin, was simple because it's a safer option than Fiat currency. Yes crypto currency is volatile, but I think everyone agrees bitcoin atleast has a high percentage to keep rising. In contrast fiat currency cannot really rise, rather it's losing value every day(The more they print it and treat it like it grows on trees).
So Tesla investing in Bitcoin was simply choosing between the better of two evils. Elon Musk is literally saying that bitcoin is only an option because of it's slight edge over fiat currency. He even back handed bitcoin saying, "Bitcoin is almost as bs as fiat money. The key word is “almost”.
It's clear that Elon took the opportunity to clear up the misguided rumors and opinions that were being thrown around irresponsibly. He basically ended the debate, where people were declaring that Elon somehow approved Bitcoin over dogecoin, since he invested in it. Elon Musk added, "when fiat currency has negative real interest, only a fool wouldn’t look elsewhere."
Elon's Investment Portfolio
Musk continued, "To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla. "
From Paypal to creating rockets, we know where Elon's main focus is. Engineering.
Elon Musk said, "I don’t even own any publicly traded stock besides Tesla." So Elon's full investment portfolio is only Tesla stock, bitcoin through his company and Dogecoin for his son.
Notice the only crypto investment that was 100% his personal choice was dogecoin. And let us be clear here, Elon Musk is 100% a supporter of dogecoin, not bitcoin. He says Dogecoin has the potential to become Earths future currency, while he calls Bitcoin Bullshit(Bs); just a little less shitty than Fiat currency.
For Elon to respond so strongly, you know he was irked. To summarize, he is basically saying, he personally love dogecoin, and calls Bitcoin and Fiat currency(BS 1 and BS 2). Tesla is simply taking a short term position for profit and it's a safer bet than fiat currency. Nothing more, nothing less.
I give the Binance CEO credit for one thing
Even though Binance CEO, Changpeng Zhao stepped on Elon's foot and got kicked in the groin, I have to give him credit for one thing:
He is not so biased to the point where he disregards dogecoin. He understands that this business is all about what the people are demanding and he acknowledged that saying: "We do where users go". Basically, despite his personal opinions, he listens to his customer base.. He has offered dogecoin on his platform going way back, and now dogecoin futures. So I have to respect that.
Lesson: This shows you can expand dogecoin's reach by demanding it. Let places like PayPal, Amazon and others know dogecoin is here to stay. It's the people's coin.