Elon Musk once again goes to Twitter with half-hearted support for crypto

After being a factor in the recent crypto market plunge, Tesla and SpaceX Chief Executive Officer Elon Musk once again used Twitter, this time to offer what crypto players felt was “lukewarm” support for cryptocurrencies.

On the social media platform, a user that goes by the name Shifo posted, “Yo Elon what do you think about the peeps who are angry at you because of crypto.” This follows the blame pinned on him for the still-ongoing downturn of the entire crypto space after Tesla backpedaled on its earlier decision to accept bitcoin as payment.

The electric car company figurehead responded, “The true battle is between fiat and crypto. On balance, I support the latter,” seemingly taking a long view of the situation while also pointing out that the primary challenge for crypto is not short-term price action.

Musk’s mixed signals

During this time when the market is on a significant and worrying decline leading to a brutal more-than-50% wiping of major digital assets, Elon Musk’s tweets about cryptocurrencies have been put into the spotlight.

Multiple studies and instances have proven that Musk is capable of influencing digital assets such as dogecoin with his Twitter posts. Meanwhile, currencies possessing larger market capitalizations have also proven to be more resilient than altcoin.

As of late, the Tesla CEO has exhibited mixed signals regarding his support to crypto, insisting on the need for the asset class to be more environmentally friendly.

Some sort of media mileage

Musk’s varying opinions and statements about cryptocurrencies are being monitored by financial market observers and in fact, recent surveys revealed half of Australians believe he is the inventor of Bitcoin and not by a developer who goes by the name Satoshi Nakamoto.

But given the recent developments, he’s involved in, the crypto community appears to be turning on him through a petition urging Musk and Tesla to already sell their bitcoin holdings.


Image courtesy of Cointelegraph News/YouTube

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