Tesla chief Elon Musk said in a tweet on Saturday that he would support cryptocurrency if one chooses to choose between a government-issued currency (fiat currency) and cryptocurrency. In response to a question posed to him by an angry user on Twitter about crypto, he said, “The real battle is between Fiat and crypto. In terms of balance, I support crypto.”
Any sufficiently advanced magic is indistinguishable from technology
— Elon Musk (@elonmusk) May 22, 2021
Musk recently compared bitcoin (price in India) to fiat money. He often tweets about cryptocurrencies and has an impact on the prices of Bitcoin and MIME-based digital currency dogecoin (price in India).
Bitcoin prices skyrocketed in February as soon as Tesla announced that it had invested $ 1.5 billion (about Rs 10,990 crore) in it and would soon accept it as a payment to pay for the car.
However, after that, another statement came in the last few days that Tesla will no longer accept bitcoin as a payment during the car sale. The reason behind the statement was that he cited the adverse effects on the environment due to bitcoin mining. Since then bitcoin prices started coming down again.
At the beginning of May, he called the cryptocurrency a “hustle” in the Saturday Night Live comedy TV show. Since then, prices started falling further.
Two days ago, a statement came out that he has not sold nor will he sell any of his DodgeCoin holdings.