Musk tweets he supports crypto in Fiat currency battle

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Elon Musk is tweeting about tech and cryptocurrency again, and this time he’s clear on where his support lies.

In one thread started by Musk himself comparing magic to technology where someone asked what he thought of people “who are mad at you because of crypto,” the CEO of Tesla Inc. tweeted that “the real battle is between fiat and crypto. Overall, I support the latter.

Bitcoin rose after Musk’s post to trade at around $ 38,150 at 12:27 p.m. London time.

Read more: Bitcoin ends week in volatile flow with Chinese bulls

Musk has made similar comments before, including in December when he tweeted that “Bitcoin is almost as bs as fiat money.” In February, he explained that “when fiat money has negative real interest, only a fool wouldn’t look elsewhere.”

Earlier in the week, Musk tweeted that he will not sell Dogecoin and it has also released a cryptic image of a dollar bill with a Shiba Inu dog replacing the face of a former US president.

Bitcoin ended the week in volatile territory after another warning from Chinese officials over the crackdown on cryptocurrencies. Friday’s previous sale hit still-furious Bitcoin believers after former promoter Elon Musk flip-flopped and criticized the token for its power consumption.

– With the help of Joanna Ossinger and Vildana Hajric

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