Technology

Musk says he supports crypto in battle with fiat money

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A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

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May 22 (Reuters) - (This May 22 story corrects paragraph six to make clear Musk called “dogecoin” a hustle, not bitcoin)

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk tweeted on Saturday that in a battle between fiat and cryptocurrencies, his support is with crypto.

"The true battle is between fiat & crypto. On balance, I support the latter," he said on Twitter in reply to a user who asked him what his thoughts were about people who were angry at him because of crypto.

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Musk has previously compared bitcoin to fiat money and often tweets about cryptocurrencies that have sent values for bitcoin and the meme digital currency dogecoin up and down.

In February, bitcoin shot higher after Tesla revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars. read more

However, bitcoin slumped after the billionaire announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company's position on the cryptocurrency. read more

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

Two days ago, Musk assured that he has not sold any of his dogecoin holdings and will not sell any. https://bit.ly/3hLz6LN

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Reporting by Maria Ponnezhath in Bengaluru; editing by Diane Craft

Our Standards: The Thomson Reuters Trust Principles.

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