Elon Musk is Still a Crypto Supporter

Last Updated: 24 May 2021

The last week has seen a decline in cryptocurrencies, along with some controversial comments from SpaceX and Tesla CEO Elon Musk. But, despite all that, Elon Musk reaffirmed his allegiance with cryptocurrency. Via his Twitter account, he said that he still prefers cryptocurrency over currency notes in every matter. This is a massive statement from Mr Musk, keeping in view his earlier comments on Bitcoin that it is energy-consuming and unhealthy for the environment.

Elon Musk’s Views on Cryptocurrency

Assuming that everyone is taking the latest comments of Elon Musk on cryptocurrency seriously, it shows that he is on the digital currency side again as per his latest statement via Twitter. The leading businessman of the world has been in headlines again after controversial statements on cryptocurrency indicating that he may be baking off from crypto investment. But from his Twitter account, he answered a tweet saying that the true competition is between digital currency and the traditional paper currency. Among these two, he is a cryptocurrency supporter.

Elon Musk is Still a Crypto Supporter

His previous statements on Bitcoin were like a criticism that this cryptocurrency is consuming a lot of energy for decentralization. These statements were among some of the reasons behind the recent fall in the value of cryptocurrency. Such statements had changed the perspective of people for Elon Musk. At first, people were looking up to him as one of the more prominent supporters of bitcoin. Still, now he suddenly turned into a critic of the working procedure of this cryptocurrency as he said that bitcoin is a vast network that consumes too much of the energy in the process of transaction and mining. However, many people jumped into this argument and started opposing such statements from the leading electric car company Tesla.

Effects of Elon Musk’s Previous Statements

Many people think that Elon Musk’s statements criticizing the working process of Bitcoin are among the reasons for the recent decline of cryptocurrency. Recently, it’s in the news that China has banned the mining and trading of cryptocurrency. People also think that maybe these statements are an indication that Elon Musk is not a big supporter of cryptocurrency. Still, he certainly is trying to make improvements in the energy consumption issues of cryptocurrency. Elon Musk also criticized the centralization of Bitcoin, saying, “Bitcoin is highly centralized, with supermajority controlled by a handful of big mining (aka hashing) companies.”

The Result of Musk’s Recent Statements

In addition to Elon Musk’s criticism of Bitcoin’s working process, his company Tesla who previously started accepting bitcoin payments for its electric cars, has stopped this transaction method. The company also stated that the cancellation of the bitcoin payment is the environmental impact that mining and transaction of bitcoin are causing.

However, this doesn’t mean that Elon Musk or Tesla are baking all the cryptocurrencies. In a poll conducted on Twitter, Elon Musk asked the users if Tesla should accept dogecoin payment or not; 78.2% of people voted yes. Later on, Elon Musk also revealed that he is in talks with the developers of Dogecoin to make this cryptocurrency better. Now, his latest statement also indicates that he is still a cryptocurrency supporter.

Author

  • Hello, my name is Luke Handt; I am a successful Bitcoin trader, financial analyst, and researcher. I have been studying the market trends for the conventional stock exchange system globally since I was in college.

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