Musk says he supports crypto in battle against fiat money

Musk says he supports crypto in battle against fiat money

Fiat money is a government-issued currency that is not backed by a commodity.

The true battle is between fiat & & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
The price of bitcoin rose to over $38,370 shortly after Musks tweet. The cryptocurrency slid back to trade at $35,895 per coin on Sunday as of 08:00 GMT.

” The true fight is in between fiat and crypto,” Musk said in action to a Twitter user asking the billionaire what he believes about individuals who are “mad at him since of crypto.” Musk included: “On balance, I support the latter.”

Last week, Musk hit the leading crypto with the unanticipated statement that Tesla was suspending purchases of its lorries utilizing bitcoin, due to ecological issues. The billionaire pointed out issues with the increasing usage of fossil fuels in mining bitcoin, particularly coal, as it takes huge amounts of electrical energy to produce a single token. He included that Tesla had no plans to sell anymore of its bitcoin, however confirmed that the company is looking at other cryptocurrencies that are much less reliant on energy.

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Bitcoin is practically as bs as fiat cash. Last week, Musk hit the top crypto with the unforeseen statement that Tesla was suspending purchases of its cars utilizing bitcoin, due to ecological concerns. The billionaire cited concerns with the increasing use of fossil fuels in mining bitcoin, particularly coal, as it takes massive amounts of electrical energy to produce a single token. He included that Tesla had no plans to offer any more of its bitcoin, but confirmed that the business is looking at other cryptocurrencies that are much less reliant on energy.

Tesla CEO Elon Musk voiced his support for cryptocurrencies over fiat money on Saturday, stating that he chooses crypto. The declaration pressed bitcoin prices higher.

Musk has actually formerly compared bitcoin to fiat money, tweeting in December that “bitcoin is almost as bs as fiat money.” Two months later on he clarified in another tweet: “when fiat currency has negative real interest, just a fool would not look elsewhere. Bitcoin is practically as bs as fiat cash. The keyword is practically.”.
Also on rt.com.
Elon Musk squashes bitcoin once again with just one word.

The billionaires routine tweets about cryptocurrencies have actually been sending out values for bitcoin and other digital currencies up and down all the time.

For more stories on economy & & financing check out RTs organization section.


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