Elon Musk Tweets, He Supports Crypto in the Fight Against Fiat Currencies
Elon Musk – About technology & cryptocurrency he is again tweeting, and this time he has clarify where his support lies.
The CEO of Tesla Inc. tweets that Musk himself compare magic to technology,
where someone asked what he thinks of people who are ‘angry at you because of cryptocurrency’.
‘The real fight is between Fiat and crypto. On balance, I support the latter.’
Bitcoin gain momentum after Elon’s post and trading at around $ 38700 as of New York time at 9:32 am.
He has made similar remarks before,
including in December when he tweeted that ‘Bitcoin is almost the same as fiat money as BS.’
At February, Elon elaborate that,
‘when there is a negative real interest in fiat currency, only a fool will not look elsewhere.’
Lawrence H. Summers a Former US Treasury Secretary, recently compare crypto to gold as a safe haven asset,
but said he does not expect consumers to turn to bitcoin for most of their payments,
even though it is a significant part of e-commerce can be made.
Earlier in the week, Musk tweet that he would not sell any Dogecoin,
and also posted a cryptic image of a dollar bill with Shiba Inu Dog replacing the face of a former US president.
Bitcoin ended the week in volatile territory following a new warning from Chinese authorities,
That is over tightening up on cryptocurrencies.
An earlier sell-off on Friday impress bitcoin believers,
who also angry after Musk on a face-to-face and criticized the token for its energy use.