Tesla Inc (NASDAQ: TSLA) CEO Elon Musk on Thursday gave a sign on why the electrical lorry maker purchased Bitcoin (BTC) and not Dogecoin (DOGE)– a meme cryptocurrency frequently at the center of his tweets.

What Occurred: The business owner was reacting to a tweet that contained remarks by Changpeng Zhao, CEO of Binance, where the latter said while he was “stunned that Elon’s so gung-ho on Dogecoin,” it deserved keeping in mind Tesla’s real investment came in Bitcoin.

See also: How to Buy Bitcoin (BTC)

Musk said Tesla’s investments are not “directly reflective of my viewpoint.” The Tesla CEO included that Bitcoin, which he refers to as “just a less dumb type of liquidity than money,” is “adventurous enough for an S&P 500 business,” not to mention Dogecoin.

Reviewing his personal stance, Musk noted he is an “engineer” and not an “financier.”

“I do not even own any publicly traded stock besides Tesla,” the billionaire business owner composed.

The pinnacle cryptocurrency also came under some criticism from the executive who said “Bitcoin is nearly as bs as fiat money. The keyword is ‘practically.'”

Why It Matters: Last month Tesla invested $1.5 billion in Bitcoin and stated it anticipated to accept the cryptocurrency for payments in the near future.

Musk said in a look on the Clubhouse app that he was a “advocate of Bitcoin.”

Discuss Twitter by Musk have at times sustained spikes in the cost of the Shiba Inu-themed DOGE.

BTC struck an all-time high of $51,335.23 on Wednesday buoyed by Tesla’s purchase of the cryptocurrency and heightened institutional interest from other investors like MicroStrategy Incorporated (NASDAQ: MSTR).

BTC traded 1.39% lower at $51,332.92 at press time, while DOGE traded 11.05% higher at $0.058.

Cost Action: Tesla shares closed 1.35% lower at $787.38 on Thursday and fell 0.54% in the after-hours session.

See Likewise: Elon Musk Asks ‘Major Dogecoin Holders’ To Sell Most Of Their Coins

Image courtesy: Forbes through Wikimedia

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights booked.