With the recent decline of the crypto markets, Elon Musk has expressed his support for crypto.
- Following the announcement that Tesla will not be accepting cryptocurrencies as payment on May 12th, the markets have shed over $100 billion since. The announcement follows environmental concerns about Bitcoin mining, although Tesla is ready to use Bitcoin to transact as soon as “mining transitions to more sustainable energy.”
- The announcement also stated that Tesla is looking at other cryptocurrencies that use less than 1% of Bitcoins energy per transaction and Tesla already accepts Dogecoin.
- On May 22nd Elon Musk tweeted that “the true battle is between fiat & crypto”, Fiat is paper money issued and backed by the government. This was in response to a user asking for Musk’s thoughts on people being “angry at him because of crypto.” In the same tweet, Musk stated that he does “support the latter”, being crypto.
- Following Tesla’s announcement, Elon Musk tweeted his support for crypto saying that “Tesla has ??” Tesla currently has over $1.5 billion in Bitcoin reserves.