Everyone knows how Tesla and SpaceX boss Elon Musk feels about cryptocurrencies like Bitcoin and Dogecoin, with the engineer himself tweeting many occasions over the previous couple of weeks about each cryptocurrencies on his Twitter.
However now, he is taking a swing at fiat cash — however first off, in case you did not know what ‘fiat’ was:
“The time period is derived from the Latin phrase fiat, which implies a dedication by authority-in this case, it is the federal government that decrees the worth of the foreign money and is not consultant of one other asset or monetary instrument equivalent to gold or a examine“.
Now that you already know what fiat cash is, we’re speaking concerning the cash all of us use — to even purchase crypto, or revenue from. It runs the world, however in current tweets Musk was replying to Bloomberg and their current interview with Changpeng Zhao, CEO of Binance. Binance being the world’s largest cryptocurrency by quantity.
Within the tweet by Bloomberg, the outlet underlines that the Binance CEO pointed to Musk and Tesla’s $1.5 billion guess on Bitcoin, and never Dogecoin. Effectively, Musk steps in and replies with: “Tesla’s motion will not be instantly reflective of my opinion. Having some Bitcoin, which is solely a much less dumb type of liquidity than money, is adventurous sufficient for an S&P500 firm”.
Nevertheless it was this reply right here, the place he says: “To be clear, I’m *not* an investor, I’m an engineer. I do not even personal any publicly traded inventory in addition to Tesla. Nonetheless, when fiat foreign money has destructive actual curiosity, solely a idiot would not look elsewhere. Bitcoin is sort of as bs as fiat cash. The important thing phrase is ‘virtually’“.
Massive phrases there from Musk, who’s saying that Bitcoin is simply as BS as fiat cash… which is effectively, that is a whole “conspiracy concept” by itself. These tweets will solely result in the lots going and researching “UH, so why does the richest — and generally second-richest to Amazon CEO-for-now Jeff Bezos — speaking concerning the fiat cash system being bullshit?!”
Musk was known as out on why he thought Bitcoin was BS, to which he replied: