I Support Crypto Over Fiat

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.