Elon Musk is again tweeting about technology and cryptocurrencies, and this time he’s clear on where his support is at.
In a thread started by Musk himself comparing magic to technology where someone asked what he thought about people “who are angry at you because of crypto,” the Tesla Inc. CEO tweeted that the “true battle is between fiat & crypto. On balance, I support the latter.”
The true battle is between fiat & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
Bitcoin rose after Musk’s post to trade at around $38,150 as of 12:27 pm London time.
Musk has made similar comments before, including in December when he tweeted that “Bitcoin is almost as bs as fiat money.” In February, he elaborated to say that “when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.”
Earlier in the week, Musk had tweeted that he won’t be selling any Dogecoin and he also posted a cryptic image of a dollar bill with a Shiba Inu dog replacing the face of a former US president.
Bitcoin ended the week in volatile territory after a new warning from Chinese officials about cracking down on cryptocurrencies. The earlier selloff on Friday hit Bitcoin believers still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
First Published: Sat, May 22 2021. 19:17 IST