Elon Musk And Cryptocurrency: Tesla CEO Would Support Crypto In A Battle With Fiat Money

Elon Musk and cryptocurrency seem to be among trending topics on the internet these days. After supporting Dogecoin and taking it to the Moon, Elon Musk is once again discussing cryptocurrency. This time, the Tesla CEO tweeted that in a battle between fiat and cryptocurrencies, he would continue supporting cryptocurrency.

Elon Musk Supports Cryptocurrency

Lately, Bitcoin's value has been steadily decreasing. At the same time, Dogecoin, the crypto that Musk favors, has been steadily rising. Naturally, long-time investors in Bitcoin aren't very happy with the new change. Moreover, there have been discussions noting that Dogecoin's value could also drop after the initial excitement around it.

Continuing with a similar discussion on Twitter, someone asked Elon Musk what his thoughts were about people who were angry at him because of cryptocurrency. "The true battle is between fiat & crypto. On balance, I support the latter," Musk briskly replied, upholding his support for crypto. But there's more to the discussion.

The true battle is between fiat & crypto. On balance, I support the latter.

— Elon Musk (@elonmusk) May 22, 2021

Elon Musk And Cryptocurrency

To recall, Elon Musk had compared Bitcoin to fiat money. Musk has been tweeting on and off about cryptos, including Bitcoin and his favorite Dogecoin. Every time Musk tweets, the values of these cryptos soar or can drop - depending on what he says. For instance, Musk said cryptocurrency is a hustle when he appeared on Saturday Night Live show. This led to a massive drop in the value of cryptocurrencies.

Looking back, his electric car company Tesla said it would accept cryptocurrency, particularly Bitcoin as a form of payment. Bitcoin's value jumped after Tesla revealed it had purchased USD 1.5 billion worth of Bitcoin. Further, Musk asked Twitter if people would like to pay via Dogecoins for their new Tesla. Both these reports had surged the value of the cryptos.

Any sufficiently advanced magic is indistinguishable from technology

— Elon Musk (@elonmusk) May 22, 2021

However, the graph has been wavering for Bitcoin. This happened when Musk once again announced it would no long accept Bitcoin as a form of payment for purchasing a new Tesla car. Musk cited environmental concerns, taking a u-turn on his previous tweets and statements.

The latest comment on supporting cryptocurrency has once again affected the values of both Bitcoin and Dogecoin. From the looks of it, as long as Musk keeps tweeting and supporting them, their values should be floating high!