Elon Musk Says He Supports Cryptocurrency in Battle With Fiat Money

Musk has previously compared Bitcoin to fiat money and often tweets about cryptocurrencies.

Elon Musk Says He Supports Cryptocurrency in Battle With Fiat Money

Bitcoin slumped after the billionaire announced in May that Tesla would no longer accept Bitcoin

Highlights
  • Musk has previously compared Bitcoin to fiat money
  • Musk also called Dogecoin a "hustle"
  • Musk assured that he has not sold any of his Dogecoin holdings

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.

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.

In February, Bitcoin shot higher after Tesla revealed it had bought $1.5 billion (roughly Rs. 10,990 crores) of the cryptocurrency and would soon accept it as a form of payment for cars.

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


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Cryptocurrency Prices across Indian exchanges

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