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Musk says he supports crypto in battle with fiat money

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Tesla Inc. CEO Elon Musk tweeted Saturday about his support for cryptocurrencies in the battle between fiat and cryptocurrencies.

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

Musk has previously compared Bitcoin with fiat currencies, and frequently posts tweets about cryptocurrencies, which fluctuate up and down to send the value of Bitcoin and the memetic digital currency Dogecoin.

In February, after Tesla revealed that it had purchased $1.5 billion in cryptocurrency and would soon accept it as a car payment method, the price of Bitcoin soared.

However, after the billionaire announced in May that Tesla would no longer accept Bitcoin to buy cars, the price of Bitcoin plummeted, citing long-standing environmental concerns that led to a rapid reversal of the company’s stance on cryptocurrencies.

Earlier this month, he also called the cryptocurrency a “hustle” during his guest-host spot on the “Saturday Night Live” comedy sketch TV show, leading prices to tumble.

Two days ago, Musk assured him that he did not sell any Dogecoins, nor would he sell them.

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