Elon Musk says he supports cryptocurrencies

Bitcoin's value rose to $38,150 after Elon Musk’s tweet.

By:BLOOMBERG
| Updated on: Aug 21 2022, 17:34 IST

Elon Musk is again tweeting about technology and cryptocurrencies, and this time he's clear on where his support is at.

In a thread started by Musk himself comparing magic to technology where someone asked what he thought about people “who are angry at you because of crypto,” the Tesla Inc. CEO tweeted that the “true battle is between fiat & crypto. On balance, I support the latter.”

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

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

Earlier in the week, Musk had tweeted that he won't be selling any Dogecoin and he also posted a cryptic image of a dollar bill with a Shiba Inu dog replacing the face of a former U.S. president.

Bitcoin ended the week in volatile territory after a new warning from Chinese officials over cracking down on cryptocurrencies. The earlier selloff on Friday hit Bitcoin believers still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage.