Founder of Tesla and SpaceX and self-acclaimed Technoking and Dogefather; Elon Musk is facing strong criticism from people who are angry at him because of the recent fall of the crypto market.
Replying to a tweet that asked what his opinions was about people who were angry at him because of cryptocurrency’s recent market tumble and the influence he has over it, the Tesla boss responded that “The true battle is between fiat and crypto. On balance, I support the latter”, showing strong allegiance for cryptocurrency.
Elon Musk is known for his controversial crypto-related tweets and how his influence could go a long way in deciding the fate of major coins. Elon Musk’s tweets about Bitcoin have constantly pushed the coin beyond every new milestone and Tesla’s announcement to accept it as a means of payment sent the cryptocurrency flying over the roof. Bitcoin, however, plummeted after Elon Musk tweeted that Tesla would no longer accept Bitcoin as a means of payment for its electric vehicles.
Dogecoin has also enjoyed Musk’s influence. The cryptocurrency which started as a joke has risen to become the fourth most popular cryptocurrency by market capitalization. Elon Musk hinted that Tesla might begin to accept it as a means of payment for its electric vehicles, just before raising environmental concerns for how Bitcoin is being mined and cancelling it as a means of payment.
Elon Musk’s influence over cryptocurrency should not be looked down upon. The cryptocurrency market tumbled after the billionaire called cryptocurrency a “hustle” while he hosted NBC’s Saturday Night Live as a guest.
Although the cryptocurrency market may not be at its best right now, with his tweet, Elon Musk assured people that he’s a firm supporter of cryptocurrency; that his stance about cryptocurrency is not subject to change, and that if pitched against each other, he’d pick cryptocurrency over fiat money.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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