Elon Musk tweets about technology and cryptocurrencies again, and this time he is clear on which side his support is. In another comment, he reaffirmed that he supports cryptocurrencies before the existing fiat system.
Elon Musk promotes cryptocurrencies
In a Twitter twig launched by Musk himself comparing magic to technology, someone asked him what he thought of people “who are angry with you for cryptocurrencies,” Tesla’s boss said, “The real battle is between a fiat and a crypto. Taking all factors into account, I support the latter. “
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The true battle is between fiat & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
Musk made similar comments earlier, for example in December, when he tweeted that “Bitcoin is almost the same bullshit as fiat money.” In February, he said that “if the fiat currency has a real interest rate negative, only a fool would not look elsewhere.”
Former US Treasury Secretary Lawrence H. Summers recently compared cryptocurrency to gold as a safe deposit asset, but does not expect consumers to turn to Bitcoin for most of their payments, although it could become an important part of e-commerce.
Although his Tweet was short and without any arguments, it again caused a huge storm of comments from various cryptocurrents. Adam Back was among the first to say he should only support Bitcoin, comparing the rest of the market to a casino.
In any case, it is worth noting that Musk has been skeptical of Bitcoin lately. Meanwhile, he continues to support memecoin Dogecoin.
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