Tesla CEO Elon Musk tweeted an image of Warren Buffett, the American business magnate. The quote below read: “Find as many Coins as You Can.” Fast! Musk said that Buffett made the statement and described it as his best financial advice. Musk, a crypto-influencer and entrepreneur, said that he found the statement on the internet.
Musk’s latest tweet about crypto received thousands of likes, comments and shares within hours. However, the post was later deleted from his Twitter account. The tweet quote is most likely faked or incorrectly attributed to Musk, a legendary investor of 90 years who is well-known for his criticisms of Bitcoin.
Over the years, Warren Buffett has held a negative view of cryptocurrencies. The Oracle of Omaha stated that bitcoin has no unique value and called it a “delusion” in 2019. Berkshire Hathaway declared in 2018 that bitcoin investors were not gambling but speculating. Buffett’s famous description of Bitcoin is “Probably Rat poison squared”, which he said at the company’s May meeting.
Elon Musk, on the other hand has been a vocal supporter of cryptocurrency. This includes the decision this year to suspend Bitcoin payments for vehicles manufactured by his electric vehicle company. This was due to concerns over the growing use of fossil fuels to power the bitcoin mining. His tweet announcement caused the crypto-economy to lose billions.
But, the $1.5 billion Tesla invested in Bitcoin earlier this year gave crypto markets an important boost. Musk reiterated his support for decentralized money in May. He stated that he supports crypto in the fight between fiat currency and crypto currency. Musk also stated that Tesla would accept bitcoin again if there is a 50% increase in clean energy use by cryptocurrency miners.
In the past, Musk and Buffett clashed over business model. Spacex founder, Warren Buffett’s term “moats” was used to refer to 2018 and stressed the importance of innovation. Buffett warned Musk not to venture into moated ventures. Musk announced that he was starting a candy company to compete with Berkshire’s moat See’s Candies, which he will call ‘Cryptocandy.