Elon Musk tweets his support for digital currencies found in 'battle' between crypto and fiat money
24 May, 2021
Elon Musk is again tweeting about technology and cryptocurrencies, which time he is clear on where his support reaches.
In a thread began by Mr Musk himself comparing magic to technology where someone asked what he considered persons “who are angry at you as a result of crypto”, Tesla leader tweeted that the “true battle is between fiat & crypto. On balance, I support the latter”.
Bitcoin, the world's major digital currency, rose after Mr Musk’s post. It is trading 5.24 % higher at $37,003.
Mr Musk has manufactured similar feedback before, including in December when he tweeted that Bitcoin is nearly as negative as fiat money. In February, he elaborated to state that “when fiat currency features negative real interest, only a fool wouldn’t look elsewhere”.
Former US Treasury Secretary Lawrence H. Summers recently compared cryptocurrencies to gold as a secure haven asset, but said he will not expect consumers to carefully turn to Bitcoin for almost all of their payments, though it could become an essential part of e-commerce.
Earlier found in the week, Mr Musk had tweeted that he'd not be selling virtually any Dogecoin and he also posted a cryptic picture of a dollar expenses with a Shiba Inu pet replacing the facial skin of a former US president.
Bitcoin ended the week in volatile territory after a new warning from Chinese officials over cracking straight down on cryptocurrencies. The sooner sell-off on Fri hit Bitcoin believers nonetheless fuming after Mr Musk did an about-encounter and criticised the token for its energy usage.
Source: www.thenationalnews.com
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