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Elon Musk: I Support Crypto Over Fiat

In yet another comment on the overall cryptocurrency industry, Elon Musk reaffirmed that he supports it over the existing fiat system.

  • Elon Musk, one of the richest men on the planet and the CEO of Tesla and SpaceX, once again caused a Tweetstorm after saying that he supports crypto over fiat.

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

— Elon Musk (@elonmusk) May 22, 2021

  • Despite his Tweet being short and without any arguments, it caused, yet again, a massive storm of commentaries from various proponents of the cryptocurrency industry.
  • Adam Back was among the first to say that he should support only Bitcoin, comparing the rest of the market to the “casino market hypothesis.”
  • In any case, it’s worth noting that Musk was recently rather skeptical of Bitcoin.
  • The billionaire entrepreneur said that it’s not so decentralized because a large portion of its hashrate is concentrated in China.
  • Meanwhile, he continues to push for Dogecoin after having stated recently that he is working with Dogecoin developers to improve transaction throughput efficiency.

   

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