Elon Musk recently weighed in on the ongoing debate about cryptocurrencies. On his Twitter account, the Tesla CEO said that he supports cryptocurrencies in the battle against fiat currencies.
“The true battle is between fiat & crypto. On balance, I support the latter,” he Tweeted.
Musk’s statement was his response to one question as to why people are angry with him because of cryptocurrency.
“Yo, Elon. What do you think about the peeps who are angry at you because of crypto?” the Twitter user asked.
Following Musk’s tweet, Bitcoin rose to a trading value of $38,279.16.
The billionaire has supported cryptocurrency throughout the years. But his recent tweets about cryptocurrencies being energy-sensitive and not environment friendly led to a rout in the digital currencies.
Earlier this week, Bitcoin dropped below the $32,000 mark, but it eventually recovered.
Musk also announced that Tesla will no longer accept Bitcoins, as well as China’s warning about cracking down on cryptocurrencies led to its temporary downfall.
US Federal Reserve chief Jerome Powell also turned up the heat on cryptocurrencies due to the risks it could pose on financial stability. He also encouraged the public to pay attention to the trends.
“This includes paying attention to private-sector payments innovators who are currently not within the traditional regulatory arrangements applied to banks, investment firms, and other financial intermediaries,” he said.
Last year, Musk also made headlines after he posted a cryptic message on Twitter.
“Bitcoin is almost as bs as fiat money,” he wrote.
In December, he also posted another cryptic tweet.
“When fiat currency has a negative real interest, only a fool wouldn’t look elsewhere,” he wrote.
Musk also announced that he won’t be selling any Dogecoin after posting a cryptic image of a dollar bill with a Shiba Inu dog replacing the face of a former U.S. president.
Meanwhile, the CEO has also been making headlines due to his controversial statements.
He recently appeared in a video for an event for Russian students called “New Knowledge.” He said that Tesla will soon come to Russia.
“I think we're close to establishing Tesla's presence in Russia and that would be great. And more broadly, also in Kazakhstan and neighboring regions. It's important for us to support Tesla supporters like yourself. Over time we'll look to have factories in other parts of the world, potentially Russia at some point,” he said.
As of late, Tesla has factories in California, Nevada, and Shanghai. Two other factories in Germany and Texas are currently being built.
Source: Econo Times, Business Today, Reuters