Two days later, Bitcoin plummeted by 21 percent.
Now, the billionaire has an idea on how to make some extra cash — not that he'd probably need it. Responding to writer Ben Mezrich, who said that he's "never turning down getting paid in bitcoin again" in a Friday tweet, Musk replied with "me neither."
Musk's remark, which appears to imply that he'd be happy to get paid in bitcoin, comes after the cryptocurrency ballooned to a value of over $40,000, setting new all-time records. In March last year, for perspective, one bitcoin was worth only $5,000.
Arguably, it's the perfect illustration of the internet money's continuing shortcomings as an actual unit of currency.
"Time to take some money off the table," Guggenheim global chief investment officer Scott Minerd tweeted following the plunge early this morning.
Even if Musk were to take his salary in the form of bitcoin going forward, he'd still have of cash and stocks left over to live out a lavish lifestyle (or head to Mars).
But that's not the case for anybody. Gambling away your earnings on volatile cryptocurrencies is inherently risky — but then again, chances are Musk is perfectly aware of that.
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