Tesla Chief Executive Officer Elon Musk tweeted on Saturday that in a battle between fiat and cryptocurrencies, his support is with crypto.
"The true battle is between fiat & crypto. On balance, I support the latter," he said on Twitter in reply to a user who asked him what his thoughts were about people who were angry at him because of crypto.
Yo Elon what do you think about the peeps who are angry at you because of crypto— Shifo (@TheRealShifo) May 22, 2021
Musk has previously compared Bitcoin (price in India) to fiat money and often tweets about cryptocurrencies that have sent values for Bitcoin and the meme digital currency Dogecoin (price in India) up and down.
However, Bitcoin slumped after the billionaire announced in May that Tesla would no longer accept Bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company's position on the cryptocurrency.
Earlier this month, he also called the cryptocurrency a "hustle" during his guest-host spot on the Saturday Night Live comedy sketch TV show, leading prices to tumble.
Two days ago, Musk assured that he has not sold any of his Dogecoin holdings and will not sell any.
© Thomson Reuters 2021