Elon Musk, the richest man in the world, made a controversial statement last Sunday (1st) when he declared that fiat currencies are a scam. In the comments on his tweet, several investors expressed hope that the billionaire will invest in Bitcoin again.
The tycoon has already had a major involvement in cryptocurrencies. In early 2021, Musk purchased $1.5 billion worth of Bitcoin through Tesla, his electric vehicle company, and for an undisclosed amount through SpaceX.
However, unlike companies like MicroStrategy, Tesla sold off a large portion of its bitcoins the following year. According to Musk, Bitcoin was a “sideshow” and there were major concerns about the company’s liquidity after the shutdowns in China.
Elon Musk says fiat currencies are a scam
With over 600,000 views in less than 24 hours, a recent tweet from Elon Musk criticizing fiat currencies (such as the dollar, euro and real) has already gone viral and caught the attention of cryptocurrency investors.
“What is a scam that has become so normalized that we don’t even realize it’s a scam anymore?”asked one profile on Twitter.
“Fiat Currencies”Elon Musk replied.
Fiat currency
— Elon Musk (@elonmusk) October 1, 2023
Despite his controversial tweets in the past affecting the price of cryptocurrencies, especially Dogecoin (DOGE), this time his statement went unnoticed by major investors.
Although Bitcoin is up 4% this Monday (2), many attribute the appreciation to the adoption of Ethereum futures ETFs in the US. DOGE, while still among the 10 largest cryptocurrencies on the market, is showing a gain of just 1.3% over the same period.
Would Elon Musk be willing to buy more bitcoins?
While Elon Musk’s tweet didn’t immediately have much effect on the market, his recent statement shows that the billionaire may be tempted to buy Bitcoin again. After all, today Bitcoin is the main alternative to fiat currency.
The reason for this is the economic model of the largest cryptocurrency in the world. While fiat currencies are printed indefinitely, losing their purchasing power, Bitcoin has a maximum limit of 21 million units, creating absolute scarcity.
Finally, even though Musk’s $250 billion ($1.25 trillion) is largely in his companies’ shares and not in fiat currency, his companies keep large sums of money in their coffers. So it is possible that the billionaire has plans for these amounts.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.