Musk’s statement furthers the current discussion over Bitcoin’s potential to pose a threat to established monetary systems.
Elon Musk, CEO of Tesla and SpaceX, has once again shocked the financial world with a tweet that is usually outspoken and controversial by calling “Fiat currency” a hoax. Musk did not elaborate in his response to a question from another X user on what kind of scam has become so commonplace that people no longer suspect it to be fraudulent.
Money produced by governments that are not backed by a tangible asset such as gold is called fiat currency. Musk’s statement furthers the current discussion about Bitcoin and other cryptocurrencies’ potential to pose a threat to established banking institutions.
Bitcoin supporters and believers swiftly banded together in response to Musk’s post, seeing it as a vote of confidence in the digital currency.
The debate about Bitcoin’s place in the current financial system has been stoked by Musk’s comments. While his message was short, it’s unclear whether this is just another example of Musk’s cryptic and attention-grabbing social media presence or if he really has something to say about fiat money.
