In yet another comment on the overall cryptocurrency industry, Elon Musk reaffirmed that he supports it over the existing fiat system.
Elon Musk, one of the richest men on the planet and the CEO of Tesla and SpaceX, once again caused a Tweetstorm after saying that he supports crypto over fiat.
The true battle is between fiat & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
Despite his Tweet being short and without any arguments, it caused, yet again, a massive storm of commentaries from various proponents of the cryptocurrency industry.
Adam Back was among the first to say that he should support only Bitcoin, comparing the rest of the market to the “casino market hypothesis.”
In any case, it’s worth noting that Musk was recently rather skeptical of Bitcoin.
The billionaire entrepreneur said that it’s not so decentralized because a large portion of its hashrate is concentrated in China.
Meanwhile, he continues to push for Dogecoin after having stated recently that he is working with Dogecoin developers to improve transaction throughput efficiency.