Elon Musk has recently gained a reputation for influencing crypto prices through his constant tweeting about different cryptocurrencies. In a thread 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 tech billionaire tweeted that the “true battle is between fiat & crypto. On balance, I support the latter.”
Musk criticizes bitcoin for using too much energy.
Earlier, Tesla had announced to discontinue its bitcoin payments for its electric car vehicle only after a month. CEO Elon Musk had cited environmental reasons for the decision. Bitcoin mining uses specialized computers that use massive energy for the mining cases. Musk was criticized by the crypto community for his comments that negatively impacted the crypto prices. Musk has put his support behind the meme-based cryptocurrency Dogecoin. Earlier, Musk had tweeted a picture of a dollar bill with DOGE on it as he joined DOGE supporters who want to take a Doge to $1.
The true battle is between fiat & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
Bitcoin trades above $38,000.
Bitcoin rose after Musk’s post to trade at around $38,150 as of the press time. SpaceX and Tesla CEO had 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 a negative real interest, only a fool won’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.