Elon Musk has made his choice very clear between fiat and crypto. He expressed his trust in the decentralized banking system. Replying to a Twitter user’s comment asking him what he thinks about people angry at him about crypto he said, “The true battle is between fiat & crypto. On balance, I support the latter.”
The true battle is between fiat & crypto. On balance, I support the latter.
— Elon Musk (@elonmusk) May 22, 2021
Though crypto is decentralized Elon Musk holds considerable influence over the currency. He is the self-proclaimed “Dogefather”. His SNL performance on May 8 had left people angry when the prices of Dogecoin fell after Elon called it a “hustle”. He also initially didn’t talk about the currency in his opening monologue which was expected by the market. The currency lost a major chunk of its value due to this reason.
His decision to stop accepting Bitcoin payments at Tesla due to environmental impact also hit the market badly and all cryptocurrencies including Bitcoin and Ethereum lost a major chunk of their value.
The main point of decentralization is the currency is should not be influenced or regulated by anything or anyone. The influence that Elon Musk holds over the currency is somewhat concerning. Though digital asset experts believe that Bitcoin and other currencies will get over it in a while and there will come a time when such statements will no longer affect the crypto market.