(NEW YORK POST) – Bitcoin hit a new all-time high early Friday after Tesla chief Elon Musk called the cryptocurrency "less dumb" than cash.
The price of the world's biggest digital coin climbed to a record of $52,954.49 after Musk fired off a pair of tweets defending Tesla's decision to buy $1.5 billion worth of bitcoin and explaining why the electric-car maker didn't purchase Dogecoin, his favorite meme-inspired cryptocurrency.
"Tesla's action is not directly reflective of my opinion," Musk tweeted Thursday night. "Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company."
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