cryptocurrencies. Multimillionaires often promote them, especially Dogecoin (DOGE).
However, Bitcoin (BTC) is also seen by Musk as a valuable asset.
Elon Musk is an open supporter of cryptocurrencies. Multimillionaires often promote them, especially Dogecoin ( DOGE ). However, Bitcoin (BTC) is also seen by Musk as a valuable asset. He does not hide his opinions and regularly uses social media to present them. It's usually the DOGE who appears in crypto tweets, but this time it's the turn of the engine of our financial system in his hands: fiat money.
Bitcoin and Elon Musk
On October 2, the CEO of Tesla and SpaceX responded to the "Wall Street Silver" exchange. The well-known X account, which focuses on encouraging investing in physical silver, asked its 1 million followers the previous day, "What is a fraud so normalized that we can no longer realize that it is a fraud?" he had asked. Musk replied without any explanation: "fiat currency."
Fiat money refers to traditional government-issued money, such as the US dollar or the euro. They are not backed by a physical commodity such as gold, but are based on the trust and authority of the regulating government.
Bitcoin enthusiasts saw Musk's reaction as a clear show of support for the decentralized currency. Bitcoin was created as an alternative to the traditional financial system after the 2008 financial crisis. The goal was to lose trust in the central government.
Bitcoins are deeply opposed to the current financial system and see BTC as the only global solution.
But the chances of Musk explaining his message further are almost zero. After all, he himself is known for such ambiguous tweets, which usually get a lot of reactions from his approximately 159 million X followers.
Musk's companies have a lot of BTC
Although DOGE appears to be much more dominant in Musk's social media posts, he is a big BTC supporter himself. His personal cryptocurrency portfolio consists largely of Bitcoin. He is also the owner of DOGE and Ethereum (ETH). Bitcoin is also at the top of his business empire. Both Tesla and SpaceX have assets on their balance sheets.
However, the investment of the space company in BTC came to the agenda. The Wall Street Journal reported in August that the company canceled $ 373 million worth of BTC. However, it has not been officially announced whether the Bitcoins were actually sold and for how much.
