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Elon Musk: I Support Crypto Over Fiat

Elon Musk said that he supports crypto over fiat on balance.
George Georgiev
By George Georgiev

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.

  • 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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Tags:
Bitcoin Elon Musk Tesla
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About the author

George Georgiev
George Georgiev
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Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.