Elon Musk Skeptical of Cryptocurrency Following A Market-Wide Collapse

After a wide market collapsed trending this week, Elon Musk tweeted about being skeptical of cryptocurrency on Twitter this morning. 

Musk Is Skeptical Of Cryptocurrency

Elon Musk, Tesla’s CEO made a quick decision at a very last moment to accept Bitcoins for new car purchases last week was extensively blamed as a cause for the wide market’s collapse, responded to a tweet who wanted to know about “the peeps who are angry at you because of crypto.”

Musk also appeared to take a long-term view of this situation and stated that it is not short-term price movements that are the main issue in terms of crypto but rather a continuing fiat fight:

Yo Elon what do you think about the peeps who are angry at you because of crypto

— Shifo (@TheRealShifo) May 22, 2021

In that fight, the entrepreneur noted that he “supports” the cryptocurrency, but that the decision “is balanced.”

Fiat money is not supported by a tangible asset, like gold, which is the type of currency that most developed economies use. Instead, the issuing authority is supporting the currency, including bills or coins. The dollar, euro, and yen are fiat.

Musk Has A History Of Fiat Cash Blockchain Tweeting

Musk’s cryptocurrency tweets have become the focal point after a market-wide collapse, a brutal fall that wipes out the bigger digital assets by close to 50% and sparks concerns that the bulls are done.

Musk – who has proved to be able to influence Dogecoin markets through many studies on his tweets, while larger coins have become more competitive by market cap – has given mixed signs about his support since late and has emphasized the need for crystallizations to be more ecologically friendly.

To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal

— Elon Musk (@elonmusk) May 13, 2021

The financial press has closely monitored his frightful and frequently shifting views – enough so that a new poll showed that half of Australians think Musk is the Bitcoin founder. A developer named Satoshi Nakamoto has invented Bitcoin.

The crypto world does seem to turn at him, though, when a petition accumulates, asking the third wealthiest man in the world to sell his Bitcoin, along with the new Bitcoin Tesla.