Copy link
Increase text size
Decrease text size
Link copied

Elon Musk says he supports crypto in its battle against fiat

After announcing Tesla's decision to cancel the acceptance of Bitcoin payments, Musk came forward to express his support for crypto.

Image by: Daniel Oberhaus (2018) / Flickr

Mon, 24 May 2021, 09:17 am UTC

Elon Musk has been cited as one of the catalysts that caused Bitcoin’s (BTC) price to tumble this month. However, the Tesla CEO voiced his support for cryptocurrencies in a Tweet on May 22.

A lot of crypto investors are angry at Musk, who was widely blamed for Bitcoin’s recent downturn. A Twitter user asked the Tesla CEO what he thinks about “the peeps who are angry at you because of crypto,” Cointelegraph reported.

“The true battle is between fiat & crypto,” Musk replied. “On balance, I support the latter.”

Bitcoin’s price rose to above $38,000 after Musk posted his tweet. However, the crypto was not able to sustain its upward trajectory as China announced its crackdown on crypto mining.

Musk has been known for his market-moving tweets. Many believe that the recent crypto market pullback started after his announcement of Tesla’s decision to stop Bitcoin payments.

Tesla has suspended vehicle purchases using Bitcoin,” he posted on Twitter on May 13. The announcement sent BTC’s price from around $55,000 to below $50,000.

Musk explained that Tesla’s decision to stop accepting BTC payments is due to environmental concerns. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” he added. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

Musk’s announcement, which caused the crypto’s price to slide, angered a lot of crypto investors. One Twitter user joked that Tesla just might sell its BTC holdings with the amount of hatred directed at Musk.

“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” Twitter handle @CryptoWhale posted on May 17. “With the amount of hate @elonmusk is getting, I wouldn’t blame him…”

An hour later, Musk responded to CryptoWhale’s tweet with “Indeed.” However, the one-word response started speculations that Tesla might have already sold or is planning to sell its Bitcoin holdings.

“To clarify speculation, Tesla has not sold any Bitcoin,” Musk tweeted around eleven hours later to address the speculations. However, BTC’s price has already fallen to around $43,000.

TokenPost | [email protected]okenpost.com

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Hollywolff
  • 2021.10.15 23:51:06
i came across the best credit Hacker out there called 760plus Credit score I do think is best to solve all credit issues they helped me to delete foreclosure, evictions and bankruptcy off my report; they are just reliable. They also increased my credit score from 610-806 credit score in less than 15days. They proved to best among all. They’re smart, fast and customer care friendly, contact team 760PLUS CREDIT SCORE AT GMAIL DOT CO /call them on +1 (304) 774 5902 for all kinds of Credit fix .
  • 0
  • ·
  • 0
  • Angeli
  • 2021.08.19 18:50:11
At times, our own light goes out and is rekindled by a spark from another person, thank you (Greg Kathryn) for saving my life. I saw your post on how you fixed your credit and decided to contact the credit expert you recommended; DEXFRAME CREDIT REPAIR. He’s truly an expert and also trustworthy. He improved my terrible score to 792, cleared all hard inquiries, collections, lawsuits and judgment from my records. I never imagined my credit could be this great this soon. Countless thanks to Dexframe for your help. Here I am also recommending his services to all and sundry needing genuine and permanent credit fix. You can reach out to this specialist on: [email protected]/ 1.630.313.5191
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $63,159.00 (+0.07%)
  • Ethereum (eth) $4,234.21 (+2.13%)
  • Binance Coin (bnb) $488.97 (+0.75%)
  • Tether (usdt) $1.00 (-0.18%)
  • Cardano (ada) $2.18 (+1.41%)
  • Bitcoin (btc) $63,159.00 (+0.07%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft