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

[ven7net]

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 believe that in order to know the true meaning of Elon Musk's words and actions, such questions should be asked to him. However, there is no guarantee that he will answer them. But if you think about it, then Elon Musk is probably just playing with the community. But in general, why did everyone decide that what Elon Musk says, this will definitely happen? It seems to me that the fact that people believe everything they write on social networks is a big surprise for those who write these words. Probably we are being manipulated and Elon Musk probably does the same. I believe that one should not pay attention to what Elon Musk writes, since he himself said that he did not invest in BTC and probably does not have BTC, then why should his words matter for BTC?

[Vishnu.Reang]

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....

If he was pumping DOGE, then Tesla could have bought DOGE instead of BTC, right? The only time when Elon said something good about DOGE was a long time back, when he pointed out that it is somehow protected against inflation because the annual supply is limited. Not even in one occasion he mentioned that DOGE (or for that matter any of the altcoins) is a good investment option.

On the other hand, he has continuously tweeted about Bitcoin in an overwhelmingly positive tone. Even in this particular tweet, he is actually saying that Bitcoin is better than fiat cash. My point is very simple. Elon regards DOGE as a joke and Bitcoin as an investment option. Those who believe that Elon promotes DOGE will regret about it later, when DOGE ends up similar to XRP.  

[ecnalubma]

He bought $1.5 billion worth of BTC and call it bs? No one will believe him with this statement, he’s strategy is wrong he should have started throwing bad statements about BTC before initiating buy order. Elon is a businessman and this could be part or his intention to bag more Bitcoin as possible.

[LUCKMCFLY]

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....

If he was pumping DOGE, then Tesla could have bought DOGE instead of BTC, right? The only time when Elon said something good about DOGE was a long time back, when he pointed out that it is somehow protected against inflation because the annual supply is limited. Not even in one occasion he mentioned that DOGE (or for that matter any of the altcoins) is a good investment option.

On the other hand, he has continuously tweeted about Bitcoin in an overwhelmingly positive tone. Even in this particular tweet, he is actually saying that Bitcoin is better than fiat cash. My point is very simple. Elon regards DOGE as a joke and Bitcoin as an investment option. Those who believe that Elon promotes DOGE will regret about it later, when DOGE ends up similar to XRP.  

You are right in what you say, Elon Musk promotes Bitcoin because he is clear that it is a much better investment option than even relying on fiat money, in fact without going too far, some Gold lovers consider that Bitcoin is an investment almost safe haven, of course many discussions have been generated around this issue, but certainly Bitcoin is taking a ground that it should have taken a long time ago, even when they talk about Doge the fact that Elon took it into account was a plus for his pump, but we must know that Doge has always been a pump and dump, it is normal, but we must highlight the influence that someone as famous as Elon Musk can unleash worldwide.
FIAT money is known to generate a lot of debt, it is impressive what has been unleashed, some economists say that a fall in the world economy will soon come or is looming and this has generated diversifying the money for both gold, real estate and bitcoin.

[Bitstar_coin]

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

Why am I not surprised, lol, a chronic business man with one goal in mind 'profit ' can not understand anything else, and that's why am surprise the more because since the only language this guy understand is profit why is he being negative, btc will give him as much profit as he desire he shouldn't worry about the technical aspect  ,
Well he said the keyword is 'almost' which means he still has some faith left in btc, lol, what a showoff.

[carlfebz2]

He had mentioned or bit emphasizing on the word "almost" and just like others said that there are several things that this kind of sentences or words would really be intepreted.

Thing here is that he do mentioned about being BS as fiat then most likely its on the negative side of things. Intentional? Possible but who knows if he's just trying to make out some
negative words for the market to possibly dump and able for him to buy cheaper?

So far, the price is still holding up on 57k and there are still no significant movement after that tweet.

[Red Pie]

guess he bought at $30k .. sold at $45k for a easy 50% win.
now wants to ride the price down below $45k again to buy in cheap and get more coin

sounds about normal
buy low sell high. wait for next low.

If he wants, he can do such a thing. but I don't think he will do such a thing. he already has enough money and he should not have any intention of making more money. If he tells the truth, what could change his thinking so easily?

[Ronyah]

After Tesla Investment Of 100B Bitcoin buy when bitcoin were reached his Ath and many financial company like Apple, Mastercard  using bitcoin transaction musk might bee saw the future. In this digital era is there any need of cash money? Where people's like to using digutal currenct and there bitcoin crypto market is very reliable secure coin. I think thats why elon musk wanna made his future more strong. And bought 1.5B bitcoin and made is bitcoin bs

[so98nn]

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.

There is huge chance he is trying to lower the price of bitcoin so that he can have fresh entry. Imagine guys how much profit he has already earned from the 1.5 billion USD investment (!) It's big, and if he somehow influence others to dump the bitcoin and lower the price then he could re-invest the principle amount and profit again and again. The dude can go upto trillion dollars.

We MUST watch this strategy and be ready to earn bite of this big pie! I'm seeing great future ahead due to his strategy. Let him call it BS, let him call it shitcoin, he will and gonna control the market ahead.

[DarkDays]

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.

Vishnu knows how to interpret Musk's tweet. I think it is all context dependent and it is left for you to interpret without that context. In my case, I agree with what's suggested above that Elon is still saying that BTC is better than fiat, is a better alternative to it but it is no yet a perfect solution, though it is a solution nonetheless.

[Becky666]

My personal opinion on this wouldn't be suitable for others, Elon Musk was sometimes years ago kicked against bitcoin and this has been on records even though he's reaching out for bitcoin now. When they can't control or manipulate the market they will tend to speak bad but whenever they can they praise, basically he's doing this twits becasue he's now among the manipulator of the market, just wait for him when the market dips.

[20kevin20]

Did you understand his tweet? He even spelled it out this time by saying " The key word is “almost” ".

I did understand what he meant, yet it's still weird that he first helped Doge pump this many times, his company invested in BTC, he then went bullish on BTC and shortly afterwards he calls it almost as BS as fiat.

Here are some other recent tweets from him:

That said, BTC & ETH do seem high lol

Source: https://twitter.com/elonmusk/status/1363021091086561285

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.

Source: https://twitter.com/elonmusk/status/1362598034866118658

It seems more like Musk is using his Twitter account to provoke FUD and FOMO to his advantage rather than expressing his own opinions. There is a big difference between expressing your opinion and using your so-called "opinions" to manipulate markets.

[hatshepsut93]

I did understand what he meant, yet it's still weird that he first helped Doge pump this many times, his company invested in BTC, he then went bullish on BTC and shortly afterwards he calls it almost as BS as fiat.

The "BS" statement is still a bullish statement, what's the problem here?

It seems more like Musk is using his Twitter account to provoke FUD and FOMO to his advantage rather than expressing his own opinions. There is a big difference between expressing your opinion and using your so-called "opinions" to manipulate markets.

He also at some point that that Tesla is overvalued. Maybe this was even a reference to it. It's not a secret that he is a troll, and maybe it's irresponsible for him to mess with markets in this way, but there's not much evidence that he is manipulating markets to profit from it.

[pealr12]

As if being the richest man on the planet Earth is not a spotlight enough,  this species has suddenly made himself relevant in the crypto hemisphere, now all the naive people we have on crypto will hang onto every bs that comes out of his tweet (mouth),
Anywhere I look now, Mr Elon is there, creating more relevance to his name,  actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time  

[menoiazei]

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

 Maybe he tries to manipulate market using his twitter influence so price drops so he can buy some more coins at abetter price 

[Twentyonepaylots]

As expected of him. He was probably just trolling people around, just like when he shilled DOGE a few weeks ago. Or he might be plotting something under the curtains, and this is one of the few steps he must take to realize his plans. Whatever that is, it's not going to be good for us small time investors, knowing that he's one of the biggest bagholders in the market right now as we speak.

As if being the richest man on the planet Earth is not a spotlight enough,  this species has suddenly made himself relevant in the crypto hemisphere, now all the naive people we have on crypto will hang onto every bs that comes out of his tweet (mouth),
Anywhere I look now, Mr Elon is there, creating more relevance to his name,  actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time 

You can't really blame the people rooting for him all this time. He's loved by the internet, he is as relevant as a guy can be. So it comes to no surprise that people will gravitate towards him.

[Oceat]

As if being the richest man on the planet Earth is not a spotlight enough,  this species has suddenly made himself relevant in the crypto hemisphere, now all the naive people we have on crypto will hang onto every bs that comes out of his tweet (mouth),
Anywhere I look now, Mr Elon is there, creating more relevance to his name,  actually I do agree with him on one part 'crypto is full of bs' since we can think of discussing this guys tweet here in forum every gadamn time 

There's a good chance that he's just trying to mess around plus there's no negative effect on it in the market so I wouldn't consider this as a manipulative tactics. We all know that he's just like this from the past, it's true that he's really creating more relevance in the market just by a simple tweets and look how people overreacting about it.

We don't need to worry about what he would say next time he's just like that unless if he got some valid points that would make the market to turn sideways. It just reminded me of some name though that no matter what he would say, people will overreacted about it and whoever forgets the name of John "the dickening" McAfee? lol

[TedMosby]

Based on those tweets, it means Bitcoin is less BS than fiat money. CMIIW.
Both are air material 
At this point, I can say it’s positive tweets for Bitcoin by Elon Musk.
I can’t see any negative sides of those tweets.

Fiat money (especially USD), is the most powerful “medium of exchange” at the moment. All countries rely on it.
He was trying to compare fiat money and bitcoin. Both are “bad”, but one of them is better compared to the other one.

[bL4nkcode]

Anyone who is hurt/affected by this tweet because Elon says so that bitcoin is BS is totally biased, what he says is actually, somewhat, true. For example, when sending bitcoin that costs $$ just for fees which probably will mark to anyone who will just try accepting and sending bitcoin.

[20kevin20]

The "BS" statement is still a bullish statement, what's the problem here?

Is it? I wouldn't call the statement bullish. "It smells almost as bad as poop" doesn't make it sound like it's still a good perfume overall, does it? He still calls it BS, it's just that it's less BS than fiat is.

but there's not much evidence that he is manipulating markets to profit from it.

I'd say that the fact that his own company invested in BTC is enough to think that he is indeed manipulating markets to his own advantage. Especially since he now knows that people do take action according to his tweets.