Revisiting Elon Musk’s Support For Crypto Over Fiat Tweet Dated a Year Back

Revisiting Elon Musk's Support For Crypto Over Fiat Tweet Dated a Year Back
  • Tesla said in an SEC filing that it thinks crypto assets have a long-term future.
  • Tesla has about $1.3 billion in bitcoin on hand as of February.

Elon Musk has long been a proponent of crypto. On the same day last year, he tweeted about his thoughts on cryptocurrency and fiat. Last year, Tesla CEO Elon Musk created a discussion in which he discussed technology and crypto. What do you think of those folks “who are angry at you because of crypto?” he was asked. He replied that the “true battle is between fiat & crypto. On balance, I support the latter.”

Crypto Assets Have a Long-term Future

When Elon Musk tweeted last year that he supported cryptocurrency, the price of bitcoin shot up. Elon sometimes tweets on crypto to the delight of the whole crypto community. Elon Musk said in February 2021 that owning bitcoin was preferable to having traditional currency.

Elon’s view on cryptocurrency remains the same, regardless of whether he believes it is superior to fiat. It doesn’t matter how many quarters Elon hasn’t purchased or sold bitcoin; his bitcoin holding is still unchanged. Tesla has about $1.3 billion in bitcoin on hand as of February.

On the other hand, in a recent SEC filing, Tesla said that it thinks crypto assets have a long-term future. By looking at diversifying its portfolio and putting money into digital assets, gold bullion, and other asset classes, the company hoped to strengthen its investment strategy.

The filing mentioned:

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. We may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions.”

When it comes to a fight between crypto and fiat currencies, it is a tough match where eventually, people are coming more towards crypto adoption.

A crypto enthusiast. Loves to write. Gives full dedication to every task assigned. Specializes in delivering on tight deadlines. An animal lover, especially dogs.