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TL;DR Breakdown
- Musk says he prefers crypto to fiat
- BTC,DOGE, which is Elon favorite crypto?
The second richest man on earth and CEO of electric car makers, Tesla Elon Musk has again reaffirmed his support for cryptocurrencies.
However, he did not outrightly show support for cryptos. He only said he supports crypto over fiat.
Elon Musk made the comment in response to a random Twitter user who asked him what he thought about people who were mad at him because of his contribution to the recent crypto crash.
He said, “The true battle is between fiat & crypto. On balance, I support the latter.
Despite his Tweet being short and without any arguments, it caused, yet again, a massive storm of commentaries from various proponents of the cryptocurrency industry.
Recall that day back, Elon Musk caused Bitcoin price and other crypto prices to dip after he announced that Tesla would no longer accept crypto payments owing to environmental concerns.
The entire crypto market plummeted after the announcement, with many in the crypto fold pointing fingers at the billionaire.
However, he has now come to reaffirm his support for crypto over fiat with this tweet.
What analysts make of Elon Musk crypto support
Adam Back was among the first to say that he should support only Bitcoin, comparing the rest of the market to the “casino market hypothesis.”
In any case, it’s worth noting that Musk was recently rather skeptical of Bitcoin. The billionaire entrepreneur said that it’s not so decentralized because a large portion of its hashrate is concentrated in China.
Meanwhile, he continues to push for Dogecoin after having stated recently that he is working with Dogecoin developers to improve transaction throughput efficiency.
As it is, it remains a debate only Elon can settle with which crypto coin is really his favorite in the crypto space as his recent stance against Bitcoin may mean he has certain coin he does not have a thing for again.
He remains the number one fan of meme crypto, Dogecoin.
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Muhaimin Olowoporoku
Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what’s happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.
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