Elon Musk, the Chief Executive Officer (CEO) of Tesla Inc, on Twitter said that between cryptocurrencies and fiat money, his support was with crypto. “The true battle is between fiat & crypto. On balance, I support the latter”, Musk tweeted, replying to a user who asked him what his take was about people who were angry at him over the crypto saga that emerged in the last two weeks or so.

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The Tesla founder on previous occasions compared bitcoin to fiat money and often tweeted about cryptos that have sent inconsistent values for bitcoin and dogecoin. In February, bitcoin saw a sharp rise in its value after Tesla announced that it bought $1.5 billion of the crypto and would accept it as a form of payment for the electric cars. 

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Bitcoin, however, suffered a sharp fall following Tesla’s announcement to no longer take bitcoin for payment due to the environmental hazards it carries and the amount of energy it consumes. Earlier in May, he also called cryptocurrencies a “hustle” during his appearance in the TV show ‘Saturday Night Live’, after which the value of bitcoin only worsened. 

Only two days ago, the billionaire reassured that he had not sold any of his dogecoin holdings and would not sell any.