Elon Musk says bitcoin is as bad as fiat money.

Tesla founder and CEO Elon Musk changed his Twitter profile to former CEO of Dogecoin and said that Bitcoin is as bad as fiat money.

Tesla’s CEO Elon Musk, had an interesting discussion with the Bitcoin community on Twitter over the weekend as the well known American Entrepreneur called Bitcoin as useless as fiat money. He also changed his Twitter profile to “Former CEO of Dogecoin.” Dogecoin jumped nearly 30% after the recent announcement by Musk. He outlined his stance on Bitcoin and mentioned that Bitcoin is his safe word, but later on tweeted, “Just Kidding, who needs a safe word anyway.”

 

Elon Musk teases the bitcoin community. 

Elon Musk teased the Bitcoin community with mixed tweets. He looked curious about the Bitcoin network but later criticized the leading cryptocurrency and termed it as bad as fiat money. In 2019, Musk completely denied rumors about Tesla getting involved in Bitcoin. Despite some criticism from Musk, the price of Bitcoin remained stable over the weekend. However, at the time of writing, bitcoin is changing hands at 22,695. The founder of Tesla also expressed concerns about Bitcoin-related scams in the past. “The crypto scam level on Twitter is reaching new levels, and it is not cool,” he noted. 

 

Bitcoin hovers around $23,000.

 Bitcoin’s price is currently hovering around $23,000 as the world’s largest cryptocurrency jumped above $20,000 last week. The recent institutional adoption by leading Wall Street firms helped the BTC rally. Saylor asked Musk if he wants to convert his Tesla balance sheet from USD to Bitcoin. “If you want to do your shareholders a $100 billion favor, convert the Tesla balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead & in time, it would grow to become a $1 trillion favor,” Saylor tweeted on Sunday. Earlier, Elon Musk faced some heat on Twitter for calling Trans pronouns “esthetically unpleasing.” 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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