Elon Musk Says He Supports Crypto in Battle Against Fiat Currency

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In the “true battle between fiat & crypto”, Tesla CEO Elon Musk says he supports “the latter” — reports Yahoo! Finance.

The Tesla CEO, who has been exceptionally outspoken on the need for an unregulated, decentralized currency, said this in response to a tweet asking him what he thought about those who are mad at him for his involvement with cryptocurrencies.

The self-proclaimed ‘Dogefather‘, Musk and his tweets have influenced many a rise and fall in the crypto markets, with each resulting in people either hailing him as an icon or detesting him as the bane of their lives.

Musk has been working with the developers behind Dogecoin since 2019, and looks to be banking on the meme-based altcoin to fit his vision of a universal, decentralized currency.

Musk also contributed to a significant rise in the value of Bitcoin after Tesla invested $1.5 billion USD in the cryptocurrency, and again when it announced it would start accepting Bitcoin as payment for its vehicles.

As of writing, Bitcoin is down 17% in the past 24 hours, trading at $31,637.41 USD. The entire cryptocurrency market has fallen hard in the past week.

After suspending Bitcoin payments for the “rapidly increasing use of fossil fuels” in Bitcoin mining and transactions, Musk was recently blamed for one of the biggest dives the cryptocurrency’s value has taken in recent history.

Tesla still holds most of its Bitcoin investment, and does not plan on selling any at the moment.

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