News

Elon Musk Supports Cryptocurrency Over Fiat Money In A Tweet

Elon Musk, the CEO of Tesla and SpaceX, made his views clear in a couple of tweets earlier today: he prefers crypto to fiat currencies.

Elon Musk Supports Cryptocurrency Over Fiat Money In A Tweet

It began when the world’s richest person tweeted: “Any sufficiently advanced magic is indistinguishable from technology.” This was a riff on science fiction writer Arthur C. Clarke’s famous quote: “Any sufficiently advanced technology is indistinguishable from magic.”

Someone then asked what Musk thought of people who were “angry at him because of crypto,” as he has in the past expressed occasional crypto skepticism, including toward proof of work concepts.

Elon Musk  tweeted: “The true battle is between fiat & crypto. On balance, I support the latter.”

In a thread started 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.”

Bitcoin rose after Elon Musk’s post to trade at around $38,150 as of 12:27 p.m. 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 U.S. president.

Bitcoin ended the week in volatile territory after a new warning from Chinese officials over 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

26 minutes ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

28 minutes ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

56 minutes ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

4 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

7 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

9 hours ago

This website uses cookies.