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Musk says he supports crypto in battle with fiat money (May 22)

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·1-min read
FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes
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(Corrects paragraph six of May 22 story make clear Musk called "dogecoin" a hustle, not bitcoin)

(Reuters) -Tesla Inc Chief Executive Officer Elon Musk tweeted on Saturday that in a battle between fiat and cryptocurrencies, his support is with crypto.

"The true battle is between fiat & crypto. On balance, I support the latter," he said https://twitter.com/TheRealShifo/status/1396034017179406338 on Twitter in reply to a user who asked him what his thoughts were about people who were angry at him because of crypto.

Musk has previously compared bitcoin to fiat money and often tweets about cryptocurrencies that have sent values for bitcoin and the meme digital currency dogecoin up and down.

In February, bitcoin shot higher after Tesla revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars.

However, bitcoin slumped after the billionaire announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company's position on the cryptocurrency.

Earlier this month, he also called dogecoin a "hustle" during his guest-host spot on the "Saturday Night Live" comedy sketch TV show, leading prices to tumble.

Two days ago, Musk assured that he has not sold any of his dogecoin holdings and will not sell any. https://bit.ly/3hLz6LN

(Reporting by Maria Ponnezhath in Bengaluru; editing by Diane Craft)