Bitcoin Rises After Musk Helps Crypto Fight Fiat Currencies

Elon Musk is again tweeting about technology and cryptocurrencies, and this time he understands where his support lies.

In a thread started by Musk comparing magic to technology, in which someone asked what they think of people who are “angry at you about crypto,” the CEO of Tesla Inc. tweeted that the “real battle.” between fiat and crypto is. All in all, I support the latter. ”

The real battle is between Fiat & Crypto. All in all, I support the latter.

– Elon Musk (@elonmusk) May 22, 2021

Bitcoin rose according to Musk’s Post, trading at around $ 38,150 as of 12:27 p.m. London time.

Musk has made similar comments, including in December when he tweeted, “Bitcoin is almost as bad as fiat money.” In February he stated, “If the fiat currency has a negative real interest, just a fool wouldn’t look elsewhere.”

Earlier this week, Musk had tweeted that he would not be selling 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 about crackdown on cryptocurrencies. The earlier sell-off on Friday hit Bitcoin believers who were still angry after one-time proponent Elon Musk turned around and criticized the token for its energy consumption.

Dear Reader,

Business Standard has always endeavored to provide updated information and commentary on developments that are of interest to you and have far-reaching political and economic implications for the country and the world. Your encouragement and constant feedback to improve our offering has only strengthened our determination and commitment to these ideals. Even in these troubled times resulting from Covid-19, we continue to strive to keep you updated with credible news, authoritative views, and concise comments on relevant topics.
However, we have a request.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with higher quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. A larger subscription to our online content can only help us achieve our goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support of quality journalism and Subscribe to the Business Standard.

Digital editor

First published: Sat, May 22, 2021. 7:17 pm IST

Comments are closed.