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Musk says he supports crypto in battle with fiat money

Published 05/22/2021, 10:33 AM
Updated 05/22/2021, 10:35 AM
© 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://

Latest comments

why are we letting one man control the market?
He may change his mind anytime.
This guy should just shut up pls
Fate loves irony
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.
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?
Use Gemini and earn 2.25% on your dogecoin
seems like mollusc's influence is shrinking like butter in the sun
Musk now worries and manipulate market again as he bought btc at circa 34k
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.
Only if he could reveal the price of Tesla's BTC investment.
Too late
Ilan Mask only works to push the price to a point where it can fluctuate on its own and profit from the cryptocurrency market.
he's no better than the Hunt brothers were in 1980's
he's worse
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
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
I wish he would just keep quiet 🤫
Elon will takes us Mars. We wil live there in future. I trusts every word of Elon. Believe
Really!
Amine Fourali He looks like a geek that genious at single item and completely incompetent at all others
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
Enron Muskrat
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.
maybe Elon should try being a good person instead of a piece of ****, Elon thinks Americans are dogs
Not easy to find such good comment on this forum
  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.
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)
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?
What a joker he is. He is directing all blind 🦮 sheep's to suicide.
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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