Elon Musk: 'Only a fool' wouldn't seek non-fiat investments

With real interest rates trending negative, Tesla’s CEO Elon Musk believes “only a fool” would ignore alternative investment opportunities.

On Feb. 19, Musk responded to comments made by Binance CEO Changepeng Zhao to Bloomberg in which CZ expressed his surprise at the Tesla executive’s “gung-ho” pronouncements regarding Dogecoin.

Tesla co-founder and hypothetical Dogecoin (DOGE) CEO Elon Musk has asserted that “only a fool” would not seek out alternative investments to fiat currency given current interest rates on Twitter today.

During the interview, CZ implied that Tesla’s recent decision to invest $1.5 billion or 7.7% of its treasury into Bitcoin (BTC) likely evidenced Musk’s deep support for Bitcoin.

On Twitter, 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.”

Responding to the insinuation from Musk that he personally holds DOGE in higher esteem than BTC, Blockstream CSO Samson Mow said, “You’re just sad you didn’t buy sooner.”

However, Musk also asserted it would be foolish not to seek out alternative investments while “fiat currency has negative real interest”:

“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is ‘almost.’”

Elon Musk’s Twitter account has been deemed the catalyst for Dogecoin’s dramatic recovery from the r/Wallstreetbets-led pump and dump that targeted the meme-coin at the end of January, with the billionaire describing DOGE as “the people’s crypto.”

However, Musk tweeted on Feb. 15 to warn of the heavy concentration of Dogecoin’s supply within the hands of a small number of whales, offering to pay the top DOGE holders to void their accounts.

North Korea's Lazarus Group masterminded $100M Harmony hack: FBI confirms

The FBI also confirmed earlier reports this month by figures such as ZachXBT that the hackers had started moving a large chunk of the funds around via privacy protocols. The Federal Bureau of Investigation (FBI) has confirmed the Lazarus Group and APT38 as the culprits behind the $100 million Harmony Bridge Hack from June 2022. The North Korea-linked cyber group had long been suspected of being behind the attack but their involvement hadn’t been confirmed by authorities until now. According to a Jan. 23 statement, the FBI noted that “through our investigation, we were able to confirm that the Lazarus Group and APT38, cyber actors associated with the DPRK , are responsible for the theft of $100 million of virtual currency from Harmony’s Horizon bridge.” The Harmony Bridge hack in 2022 was the result of security holes in Harmony’s Horizon Ethereum bridge which allowed the cyber attackers to swipe a number of assets stored in the bridge via 11 transactions. The FBI also outlined t

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Greenidge plans to expand mining operations to South Carolina

According to the crypto mining firm, the South Carolina facility has been capable of drawing 80 megawatts of power, two thirds of which is produced from zero carbon energy sources. Bitcoin mining company Greenidge Generation announced it would be starting operations in South Carolina as early as this year. In a Friday announcement, Greenidge said it would be operating in a carbon neutral crypto mining facility in the city of Spartanburg. The company said it had signed a letter of intent for a 10-year lease with printing firm LSC Communications’ location on the outskirts of the South Carolina city, where it plans to start mining crypto “in late 2021 or early 2022.” According to Greenidge, the location has been capable of drawing 80 megawatts (MW) of power, two thirds of which is produced from zero carbon sources including nuclear energy. Greenidge CEO Jeff Kirt said it was a step towards the company creating “environmentally sound Bitcoin mining” in the United States. The firm alr

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Nigerian hotel becomes country’s first to accept Bitcoin payments

George Residence in Lagos has announced plans to start accepting BTC payments. The company has already converted 50% of its balance sheet to Bitcoin. A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin ( BTC ) as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy. George Residence confirmed its intent to begin accepting Bitcoin this weekend, according to 1st News, a Nigerian news publication. George Residence, which offers luxury hotel and premium apartment suites, will accept BTC through Coinvest Africa, a regional cryptocurrency brokerage. "We have allocated around 50% of our cash reserves to Bitcoin. [...] We hope to increase that as time goes on,’’ said ‘Yanju George, the company’s CEO. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.” He continued: “Bitcoin permits our guests a faster and m

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Robinhood launches 24/7 phone support, crypto users included

An influx of new users to the trading app and high demand for crypto products had previously resulted in longer customer service wait times. Popular trading app Robinhood announced Tuesday that it has launched round-the-clock phone support to better serve its ever-growing userbase, including the millions of users who’ve signed up to access cryptocurrency investments. Users of the app will now be able to speak with a live customer service representative 24 hours a day, seven days a week, regardless of holidays. The company said the 24/7 support line is part of a broader effort to expand reliability and accessibility, as well as answer time-sensitive requests from its customers. To access the service, users can request a call through the Robinhood app and receive a notification when they are next in line for a phone conversation. A Robinhood representative will then initiate the call. Christine Brown, the chief operating officer of Robinhood Crypto, told Cointelegraph that the co

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Palau advances CBDC with Ripple in phase 2 of PSC program launch

The second phase of the PSC program will prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance. The Ministry of Finance of Palau officially launched the second phase of its Palau Stablecoin (PSC) program. Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance, confirmed the program’s second phase launch on Dec. 15 in a post on X (formerly Twitter). Anson said that Palau aims to extend its partnership with Ripple in phase two, allowing the PSC team to leverage Ripple’s central bank digital currency (CBDC) platform and technical expertise. PSC is a digital currency pegged to the United States dollar, which uses Ripple’s XRP Ledger. Read more

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Hong Kong to step in as ‘options are dwindling’ globally — FinTech chair

Neil Tan, Chair of the FinTech Association of Hong Kong, said the opening of the financial industry to digital assets was “just a natural progression." Crypto-friendly Hong Kong is still gung-ho about giving its citizens access to crypto trading despite other jurisdictions “taking a step back,” claims the chair of the FinTech Association of Hong Kong (FTAHK). Speaking to Cointelegraph at the Hong Kong WOW Summit in March, FTAHK chair Neil Tan said while Singapore and the United States are seemingly stepping back from permitting crypto retail trading, “Hong Kong is stepping forward.” On June 1, a licensing regime for crypto exchanges will come into effect and Tan said it’s “going to also include retail.” The licensing guidelines are expected to be released sometime in May. “If there’s access to [crypto] in a legal and regulated way, then I'm sure participants will come. It is a ‘build it and they will come’ because there are no other options. The options are dwindling,

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Palau advances CBDC with Ripple in phase 2 of PSC program launch