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Musk says he supports crypto in battle with fiat money

Stock MarketsMay 22, 2021 10:35AM ET
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© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic

(Reuters) - Tesla (NASDAQ:TSLA) Inc 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 https://twitter.com/TheRealShifo/status/1396034017179406338 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 to fiat money and often tweets about cryptocurrencies that have sent values for bitcoin and the meme digital currency dogecoin up and down.

In February, bitcoin shot higher after Tesla revealed it had bought $1.5 billion 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. https://

Musk says he supports crypto in battle with fiat money
 

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Comments (41)
Danny Palma
Danny Palma May 23, 2021 11:31AM ET
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why are we letting one man control the market?
Tamaki Iwamiya
Tstar May 23, 2021 6:49AM ET
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He may change his mind anytime.
Ahmed Ogidan
Ahmed Ogidan May 23, 2021 6:47AM ET
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This guy should just shut up pls
Tom Tipton
Tom Tipton May 23, 2021 6:36AM ET
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Fate loves irony
Tom Tipton
Tom Tipton May 23, 2021 6:36AM ET
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yea just after he called doge the future currency of the universe... 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.
Max Sp
Max Sp May 23, 2021 6:36AM ET
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It is a hustle. Have you watch the show? It was also his goft to his Mother, on national tv for Mother’s day. Do you that meaning?
Tom Tipton
Tom Tipton May 23, 2021 6:35AM ET
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Use Gemini and earn 2.25% on your dogecoin
Lawrenti Berija
Lawrenti Berija May 23, 2021 6:20AM ET
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seems like mollusc's influence is shrinking like butter in the sun
Thierry Maa
Thierry Maa May 23, 2021 5:58AM ET
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Musk now worries and manipulate market again as he bought btc at circa 34k
Henry Anderson
Henry Anderson May 23, 2021 5:34AM ET
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The crypto market contains and burns away leftover dollars, thereby Helping the dollar retain its value. The United States benefits from these wasteful, volatile, inefficient digital scams.
Forgive Forget
Forgive Forget May 23, 2021 4:47AM ET
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Only if he could reveal the price of Tesla's BTC investment.
Saksayam Varakamin
Saksayam Varakamin May 23, 2021 4:42AM ET
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Too late
hamid memariyan
hamid memariyan May 23, 2021 4:29AM ET
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Ilan Mask only works to push the price to a point where it can fluctuate on its own and profit from the cryptocurrency market.
Thomas Read
Thomas Read May 23, 2021 12:30AM ET
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he's no better than the Hunt brothers were in 1980's
Lawrenti Berija
Lawrenti Berija May 23, 2021 12:30AM ET
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he's worse
Jonathan Akubo
Jonathan Akubo May 22, 2021 10:42PM ET
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Its better i just loose everything i know this guys with the big money wants everyone out of crytop, when frustraded you have to sell you coin cheap to them again smart move, ya’ll can eat the coin you sold to me, its in my wallet you can have it all
Philip Lin
Philip Lin May 22, 2021 3:35PM ET
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I would suggest people just ignore him completely. Whether or not Tesla chooses to accept crypto does not change the fact that fiat money is becoming worthless and moving away from the system is the way to preserve wealth
vince smith
vince smith May 22, 2021 3:07PM ET
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I wish he would just keep quiet 🤫
Phong Vu
Phong Vu May 22, 2021 2:43PM ET
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Elon will takes us Mars. We wil live there in future. I trusts every word of Elon. Believe
Amine Fourali
Amine Fourali May 22, 2021 2:43PM ET
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Really!
perplexed76 .
perplexed76 . May 22, 2021 2:43PM ET
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Amine Fourali He looks like a geek that genious at single item and completely incompetent at all others
Stan Smith
Stan Smith May 22, 2021 2:31PM ET
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Why doesn't he support silver?...a key component in the manufacturing of his cars. Guess he was told to keep quiet about that...as it is not good for stocks and the BTC distraction gimmick
Joey Joey
Joey Joey May 22, 2021 2:25PM ET
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Enron Muskrat
Alan Mandel
Alan Mandel May 22, 2021 2:10PM ET
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You really think it is only Musk and only for his self interest? Anyone who thinks so is indoctrinated. There is lots of that going on. Is Musk putting the spot light on himself? The same with Gates. He used to be an agitator and cut throat, then the well crafted image of nerdy philanthropist, then expert for everything in climate change (replacing Gore, )AIDS, preventable diseases in Africa (no mention ever of child slavery production of cobalt from Congo on which Musk batteries rely,) then COVID expert  now media's favorite trash.
En Game
En Game May 22, 2021 2:02PM ET
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maybe Elon should try being a good person instead of a piece of ****, Elon thinks Americans are dogs
Amine Fourali
Amine Fourali May 22, 2021 2:02PM ET
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Not easy to find such good comment on this forum
En Game
En Game May 22, 2021 2:02PM ET
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Amine Fourali   I posted this yesterday, this morning I check Elon Musk's twitter and there's literally a picture of Jesus holding a dog   LOL   ( a meme )   I'm scared for the man's safety at this point he's making it way too obvious, even Putin is probably scratching his head read night.
Henry Anderson
Henry Anderson May 22, 2021 1:48PM ET
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The United States and Tesla (Elon Musk) are indirectly promoting Bitcoin. Elon gets away with obvious pump-and-dump schemes involving TV Shows and Twitter while the SEC forced Michael Burry to delete his Twitter account. Elon is the Richest Man in the world, although all of his companies are not profitable. Joe Biden talks all day about green energy, but the American government doesn't even try to regulate or ban cryptocurrencies despite their environmental concerns. In other words, Elon Musk and the American Government seem to be cooperating to promote Bitcoin to prevent the Fall of the US dollar. They are advocating Bitcoin because rising Gold, Euro, and Pound will threaten the reserve currency status of the US Dollar. (Most of Bitcoin is traded in USD, whereas US Dollar recently lost to Euro as Payment Currency-SWIFT)
JT Marlin
JT Marlin May 22, 2021 1:41PM ET
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Musk says jump and the sheep ask how high... The sheepies are already out buying into the bubble again. Pathetic. When is the SFC going to do their job?
Ching Cha
Ching Cha May 22, 2021 1:19PM ET
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What a joker he is. He is directing all blind 🦮 sheep's to suicide.
Fozzy Ferdinand
Fozzinand May 22, 2021 1:11PM ET
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Musk is playing the crypto world like a fiddle. He buys a bunch of a coin, he announces he bought, and that coin shoots up. When it gets high enough, he sells, announces he sold, and it collapses. When it gets low enough, he buys, announces he bought, and so on and so on.. He's an Ayn Rand loving objectivist. He doesn't care about anyone but himself, and he'll happily take every penny you have and let you rot. Whatever Musk says to do with Crypto, know he is preparing to do the opposite.
 
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