Elon Musk can’t hold himself from tweeting about cryptocurrencies. He once again and unknowingly became a reason for pumping the Bitcoin price. The Tesla and SpaceX CEO has compared cryptocurrencies to magic, which attracted responses immediately. One of them asked Musk how he feels about angry people because of cryptos, to which Musk replied supporting cryptos than fiat currency.
Elon Musk Supports Cryptocurrencies Over Fiat
Lately, Elon Musk has been creating waves in the cryptocurrency industry with his personal opinions on various coins. He started the trend in February this year, where his EV firm, Tesla, announced accepting Bitcoin as a payment and invested a sum of $1.5 billion in it.
While this was reasoned to diversify the companies investments, it had later pulled 10% of it to prove the liquidity. And after making significant profits from that trade, Musk has fallen on Dogecoin – a meme cryptocurrency created as a joke and served no real value other than for transactions. His positivity pumped the coin to its all-time-high and even made some of the holders’ millionaires.
While hanging on cloud nine, Musk announced Tesla suspending Bitcoin acceptance for buying its EVs, which crashed the entire cryptocurrency market in a span of hours. While this was further stamped down by China’s ban lately, Musk’s effect is significantly evident.
The true battle is between fiat & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
Now, he came up with yet another tweet saying that “Any sufficiently advanced magic is indistinguishable from technology.” Though this assured his positive stance on cryptocurrencies and their technology, responses to the tweet are mixed. Some still see Musk as the crypto lord, while some accuse them of influencing the coin’s values.
One among the discussion asked Musk whether he “think about the peeps who are angry at you (Musk) because of crypto,” to which Musk replied as “The true battle is between fiat & crypto. On balance, I support the latter.” His firm stance on cryptocurrencies triggered positivity in investors, as the price of Bitcoin shot up once again and settled at around $37,500 now.