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Elon Musk Believes Fiat Is Your Real Enemy

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Sun, 05/23/2021 - 11:24
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Alex Dovbnya
Elon Musk says that the real battle is between fiat and crypto, urging his followers to reject cryptocurrency tribalism
Elon Musk Believes Fiat Is Your Real Enemy
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While Bitcoiners and Dogecoiners are duking it out on Twitter, Elon Musk wants you to be focused on the real enemy: fiat money.

After being asked what he thinks about people who are angry at him because of his cryptocurrency tweets, the Tesla CEO claims that the “true battle” is between fiat and crypto, rejecting tribalism within the community. Musk himself says that he prefers the latter.

In December, the centibillionaire commented that Bitcoin was “almost as bs fiat money,” but he later clarified that “almost” was the key word there.      

Earlier this month, Musk angered Bitcoiners by criticizing the largest cryptocurrency's CO2 footprint and lack of scalability while questioning its decentralization.

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At the same time, the entrepreneur is also credited with unleashing the canine coin mania with his incessant promotion of meme cryptocurrency Dogecoin, which he intends to turn into the world's currency

Last week, Tesla announced the suspension of Bitcoin, which is believed to be one of the key reasons behind the ongoing market correction.

However, the company still holds BTC on its balance sheet.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.