Elon Musk says Bitcoin is 'almost as BS as fiat money'

Tesla and SpaceX boss Elon Musk says having Bitcoin is 'simply a less dumb form of liquidity than cash', 'as BS as fiat money'.

1 minute & 58 seconds read time

We all know how Tesla and SpaceX boss Elon Musk feels about cryptocurrencies like Bitcoin and Dogecoin, with the engineer himself tweeting many times over the last few weeks about both cryptocurrencies on his Twitter.

But now, he's taking a swing at fiat money -- but first off, if you didn't know what 'fiat' was:

"The term is derived from the Latin word fiat, which means a determination by authority-in this case, it's the government that decrees the value of the currency and isn't representative of another asset or financial instrument such as gold or a check".

Now that you know what fiat money is, we're talking about the money we all use -- to even buy crypto, or profit from. It runs the world, but in recent tweets Musk was replying to Bloomberg and their recent interview with Changpeng Zhao, CEO of Binance. Binance being the world's largest cryptocurrency by volume.

In the tweet by Bloomberg, the outlet underlines that the Binance CEO pointed to Musk and Tesla's $1.5 billion bet on Bitcoin, and not Dogecoin. Well, Musk steps in and replies with: "Tesla's action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company".

But it was this reply here, where he says: "To be clear, I am *not* an investor, I am an engineer. I don't even own any publicly traded stock besides Tesla. However, when fiat currency has negative real interest, only a fool wouldn't look elsewhere. Bitcoin is almost as bs as fiat money. The key word is 'almost'".

Big words there from Musk, who is saying that Bitcoin is just as BS as fiat money... which is well, that's an entire "conspiracy theory" on its own. These tweets will only lead to the masses going and researching "UH, so why does the richest -- and sometimes second-richest to Amazon CEO-for-now Jeff Bezos -- talking about the fiat money system being bullshit?!"

Musk was called out on why he thought Bitcoin was BS, to which he replied:

Great stuff.

Elon Musk says Bitcoin is 'almost as BS as fiat money' 06

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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