Elon Musk: "Bitcoin is almost as bs as fiat money"

[meanwords]

Well the keyword there is "Almost" so I don't really think he's trying to manipulate the price nor giving a negative comment about Bitcoin. It's just that he is trying to make his own stand in cryptocurrency. He is enthusiastic about Bitcoin but at the same time open to more alternative ways. People shouldn't make a big deal out of this.

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[Sithara007]

Well the keyword there is "Almost" so I don't really think he's trying to manipulate the price nor giving a negative comment about Bitcoin. It's just that he is trying to make his own stand in cryptocurrency. He is enthusiastic about Bitcoin but at the same time open to more alternative ways. People shouldn't make a big deal out of this.

Agreed. In an indirect way, he is saying that Bitcoin is better than fiat cash in the current form. So I would take this as a positive comment from Elon Musk. He has given cryptocurrency users a lot of things to cheer, and I don't want to badmouth him for just one misunderstood comment. Also, let's not forget the fact that cryptocurrency is not free from major flaws. Scalability issues remain, and at an average of $15 per transaction, the fee remains at a very high level. Any efforts to resolve this issue had to be cancelled due to the opposition from the miners.

[KonstantinosM]

Elon Musk is a charlatan. People don't recognize that because he's so successful but he's the most overrated person on planet earth right now.
I don't wanna get into it. But his opinion on bitcoin is irrelevant. Only his influence among his butt-sniffing followers.


Maybe I'll open a topic on how Elon Musk is a charlatan so that I can be linking to it in situations like this but I'll summarize.


1. He got ridiculous amounts of credit for SpaceX, especially re-usable rockets.

The only reason he is successful is government money and lots of it. The costs of his launches are actually higher than the reusable space shuttle (per launch cost) if you include the fact that the shuttle had multiple passengers and not just cargo.

Many parts of the rockets cannot be re-used and maintenance costs on top of that mean that he hasn't made rocket launches all that much cheaper. In fact his way of doing things doesn't really reach the point where re-usable rockets even make sense.

2. Hyperloop. As in the whole idea is 100 years old. He stole it, gave it a new name and claimed to be the inventor. If that is not bad enough, it's a terrible idea. A low pressure tube can fail along any of it's seals, when that happens (or someone just shoots a part of the steel tube) all the passengers in the system die. The trains accelerate as if in a blow dart gun, crash and die.


3. Electric Cars and batteries.

Electric cars are simpler than Internal Combustion cars. Yes, he's done a lot of good with Tesla but it's not really anything revolutionary. When he simply switched the size of the batteries that will go in his electric cars he claimed that as an improvement.
Yes, a bigger battery can hold more power but that doesn't mean there is any improvement of using more smaller batteries in energy density.


4. Ridiculous bullshit claims.

a. Claiming to make tunnels 100 times cheaper. In reality he compares the cost of digging a tiny hole to the cost of a metro system with trains, stations and everything.
b. Claiming that rockets can be cheaper than planes
c. Claiming that large electric aircraft could work with current technology
d. Claiming that he will make rockets 100+times cheaper by making them re-usable, and then not even reaching the break even point on beating single use rockets for years and years and years.

[avikz]

After so many pumps sparked by Elon Musk through his tweets, Musk calls Bitcoin "almost as BS as fiat money".

He had "Bitcoin" on his Twitter bio recently. His company just invested $1.5B in BTC. He sparked bull runs for a memecoin and called crypto the future currency of Earth - why would Musk back off the Bitcoin bullish mindset and call Bitcoin BS?

The tweet:

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”.

Source: https://twitter.com/elonmusk/status/1362600676174557186

Well he is playing with the crypto market because he knows that he is late in the crypto party. Whereas institutional investors have entered into the market at at 28k - 30k region, Elon's Tesla entered at 40k region. So he has to make it worthwhile for his company. He knows he has a great influence due to his wealth and success and he is using it to make his investment look safe. But anyway, he is also making our HODLING look stronger so can't really complain! We would have complained if he had advocated against bitcoin! So enjoy when you are on lottery!

[Mr.sprin]

I agree that bitcoin is almost the same as fiat money, bitcoin is a legal medium of exchange in several big countries maybe in the future everyone will hold bitcoin, Elon Musk has become a person who wants to collect bitcoin he knows bitcoin in the future can beat fiat money.

[pragna]

After so many pumps sparked by Elon Musk through his tweets, Musk calls Bitcoin "almost as BS as fiat money".

He had "Bitcoin" on his Twitter bio recently. His company just invested $1.5B in BTC. He sparked bull runs for a memecoin and called crypto the future currency of Earth - why would Musk back off the Bitcoin bullish mindset and call Bitcoin BS?

The tweet:

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”.

Source: https://twitter.com/elonmusk/status/1362600676174557186

I think this is fully a game from Elon mask. As he is a business man and he knows well that if he tweet about any thing that must be boom in a second and he has taken that benefit. He just invested into DOGE coin in low rated and after tweet he gain his profit same as for BTC. After his comments or tweets BTC is going boom to boom and we would not be surprised if BTC hit to 100k$.

[pinggoki]

Well, this is what we expect from them, the ^{[institutional]} investors and the ^[influencer] investors, that anytime they will control the price of bitcoin. Believe me or not, that man was trying to manipulate bitcoin and start making negative comments towards bitcoin. That is not the first time he called bitcoin as a ^[BS] if I am not wrong last year, he also called bitcoin is a BS currency fiat not this as the first time. He obviously now a market manipulator, who knows he wants a dump so that he can able to invest again.

He can do it whenever he wants. Remember that he is a famous influencer who owns the Tesla and SpaceX, whatever he says, people will still believe him especially followers. Simply Elon Musk is currently manipulating the world and the people by back off on the bitcoin and to be able to less the hype of it. Elon Musk was intelligent to think that lessen the hype on the bitcoin will be able to help him also. To cut it short, Elon Musk is just manipulating or playing the crypto market in order for it to be dump because although he buys 1.5b of bitcoin he knows that if it dumps he can still have profit on it.

[blue_nexus15]

Almost like but never!  I think Elon Musk has always had some kind of limp thoughts that often make me confused, but his scope of action, his computation is intentional and he wants to imply something. 
The attraction that Elon created was so great, admiring that the melody that Elon had had great friction.  The intentions Elon wanted to fulfill could lead to the next quest.  Always pay attention to this move!

[tinopener]

Elon Musk is a charlatan. People don't recognize that because he's so successful but he's the most overrated person on planet earth right now.
I don't wanna get into it. But his opinion on bitcoin is irrelevant. Only his influence among his butt-sniffing followers.

Short Tesla if you feel that strongly about it.

[tbone777]

Will CT start to hate Elon after this? He is not maxy anymore

[hatshepsut93]

why would Musk back off the Bitcoin bullish mindset and call Bitcoin BS?

Did you understand his tweet? He even spelled it out this time by saying " The key word is “almost” ". He is saying that fiat money is BS and Bitcoin is almost BS. This is because fiat money can be printed in any amounts, while Bitcoin's supply is limited, while both have no intrinsic value.  It was clear that he meant it when he originally tweeted "Bitcoin is almost as bs as fiat money" - I don't get how it flew over the heads of most Bitcoiners, I guess people are way too attached to Bitcoin and just have a knee-jerk reaction when they see "BS" and "Bitcoin" in the same sentence.

[VanDeinsberg12]

Almost means it's still better than fiat then, still a good thing considering how bitcoin only appears in a decade and already better than the ancient fiat money that's  already exist and got many patch here and there but still a lot more bs than bitcoin.
Elon need to know that crypto is always developing, it's matter of time until most of cryptos fixes its imperfection.

[Natsuu]

Musk can say and make and bs comment he wants to manipulate the markets. I wouldn't trust his tweets that much. I was a BTC hodler long before his tweets so I don't really care.

Maybe you should care, cause he can easily manipulate it, if he can make it rise up to 50+, then he can lower it to 20 in just a simple tweet. Just sayin

[Karartma1]

Don't know what to say about it as it makes no sense; it's almost impossible to understand what's the agenda behind Musk's tweets.
I believe he's kind of playing with fire trying to probably see whether twitter will start flagging his tweets as some derailed financial advice or not.
He can't keep making the weather here.

[BIT-BENDER]

I can understand that, he is frustrated or over overwhelmed by feeds, interviews -personal or public- about his interest, excitement or investment in Bitcoin and maybe he wants the smoke to clear, but it's had for a Billionaire to hide out, and he is creating a form that he hates Bitcoin or crypto-currency, maybe me using hate is
Going far but you get the point.

[Natsuu]

I can understand that, he is frustrated or over overwhelmed by feeds, interviews -personal or public- about his interest, excitement or investment in Bitcoin and maybe he wants the smoke to clear, but it's had for a Billionaire to hide out, and he is creating a form that he hates Bitcoin or crypto-currency, maybe me using hate is
Going far but you get the point.

He is not disgusted, hate, frustrated, or ashamed of BTC, he just clears out that he is not involved by any means on why TESLA buys BTC. He made it clear that there's no personal intervention as people know that he is the CEO of the company.

And actually, this is somehow a neutral tweet that is open for any kind of interpretation.

[sujon5]

Don't try to analyze and understand Musk's behavior. He manipulates the market as usual.

[Amejoaquim]

Since elon mosk keep tweeting about bitcoin and crypto the price of btc keep rising.

And until now I still can't see the bitcoin price gap going down, i think the price will keep rising and be more stable than before (2017-2020).

[Vishnu.Reang]

His statement can be interpreted in thousands of different ways, but at least as far as I am concerned, I don't find anything wrong in what Musk has said. Here is what he has said about fiat cash:

However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.

That explains why he prefers Bitcoin over fiat. Now here is the next statement:

Bitcoin is almost as bs as fiat money. The key word is “almost”.

He is saying that Bitcoin is superior to cash, but it has some flaws that needs to be taken care of. I completely agree with him. Bitcoin is not free from flaws. Delay in getting confirmations and high transaction fee remains as some of the negatives of Bitcoin.

[chinesetranslation.com]

Because paid shills on twitter only care about shilling centralized ponzis,

And elon think the entire cryptocurrency market is  joke.

That's why he's pumping doge....