Elon Musk has published a post in which he moderately supports cryptocurrencies, following the downtrend in the crypto market that he ignited over the past week.
Tesla CEO, who announced that his company had suspended BTC payments and was therefore considered to be the main factor behind the recent decline, said a Twitter user, “What do you think of those who are angry with you about crypto?” answered the question.
Musk answered the question from a long-term perspective, arguing that the real obstacle to crypto is not short-term price action, but its ongoing struggle with fiat:
The true battle is between fiat & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
The businessman explained that he “supports” cryptocurrencies, all things considered in this fight.
Musk’s recent posts about cryptocurrencies have been on the agenda since the market entered a downtrend. The losing value of major cryptocurrencies by around 50 percent has raised concerns that the bull market may be over in some market participants.
Musk, who can affect the Dogecoin market and, less effectively, other cryptocurrencies with his posts, said that cryptocurrencies should be more environmentally friendly.
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021