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Elon Musk Brands Fiat Currency a Scam: Is Bitcoin Back on the Billionaire’s Radar?

According to a recent statement made by Elon Musk, it appears that the billionaire is not the biggest fan of fiat currencies.

Elon Musk, the CEO of X, formerly Twitter, has said little to nothing about cryptocurrencies over the past months. However, in a recent post, the billionaire sets the records straight on where he stands with traditional assets.

In a response post, Musk clarified that fiat currencies are not as valuable to him as they might be to others. He refers to fiat as a scam that has been deeply ingrained in the financial system, so much so that it is no longer seen as the inferior asset that it is.

His response was a reply to a post that reads: “What’s a scam that’s so normalized that we don’t even realize it’s a scam anymore.” 

His position on fiat does not contrast with other cryptocurrency proponents, who are more inclined to believe that digital currencies are superior. However, fiat being a globally adopted currency, it has been the most popular and most used currency for several years. 

It is also worth noting that fiat has been one of crypto’s major competitors, with many regulatory figures from different parts of the world referring to digital currencies as the leading threat to fiat.

Market players interpret Musk’s tweet as a reaffirmation of his position on Bitcoin 

Meanwhile, the Bitcoin community interprets Musk’s tweet as a pointer to his position on the Bitcoin market. While some imply that the tweet speaks to the fact that the billionaire is still big on crypto, others are convinced that the crypto in question is Bitcoin.

The second sentiment is primarily shared by market players who are convinced that the timing of Musk’s post was a strategy. Notably, Bitcoin was in the middle of a rally at the time. The apex cryptocurrency saw its value surge past the $28,000 price mark briefly before losing momentum.

During this report, Bitcoin is trading at a time of $28,247. The asset has recorded hourly surges while sustaining over 4% of its gains over the last 7 days.

On the other hand, trading volume has dropped by 29%, as Bitcoin remains 59% below its all-time high of $68,789.

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