Elon Musk tweets in support of cryptocurrency in the battle against fiat currencies

Tesla CEO Elon Musk re-entered the cryptocurrency debate on Saturday, stating that he believes cryptocurrencies can compete with traditional currencies.

In a thread started by Musk, someone asked what Elon 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.”

Musk has been a proponent of cryptocurrencies. However, his remarks about cryptocurrencies being “energy-intensive” and unfriendly to the environment caused a sell-off in the digital currency. Bitcoin dipped below $32,000 earlier this week before staging a slight comeback.

Musk has previously made similar remarks, including one in December when he tweeted, “Bitcoin is almost as bs as fiat money.” In February, he said, “When fiat currency has a negative real interest, only a fool would not look elsewhere.” Furthermore, Musk’s statement that Tesla will no longer take Bitcoins, as well as China’s crypto-related actions, contributed to the drop in cryptocurrency prices in the last week.

Musk had earlier this week tweeted that he will not be selling any Dogecoin, and he also uploaded a cryptic image of a dollar bill with a Shiba Inu dog replacing the face of a past US president.

The Treasury Department, meanwhile, expressed concern that affluent individuals could exploit the highly unregulated industry to avoid paying taxes, and it stated that substantial crypto-asset transfers should be disclosed to authorities.

According to recent rumours, Bitcoin may not be completely prohibited in India. The Centre may shortly form a panel to oversee them. The decision was made after many cryptocurrency exchanges pushed the Centre to regulate virtual currencies rather than outright prohibit them.

What is your stance when it comes to the crypto market?  Is there a future for crypto in India?

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