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One of the possible triggers for the resumption of the dive takes to Twitter.
Elon Musk expressed tepid enthusiasm for cryptocurrencies in a Tweet this morning, after a debilitating price slump that could be picking up momentum this weekend.
The Tesla CEO, whose about-face concerning accepting Bitcoin payments for new vehicles last week was widely blamed as a catalyst for the downturn, responded to a Twitter user who asked what he thinks about “the peeps who are angry at you because of crypto.”
In response, Musk seemed to take a long view of the situation, saying that crypto’s primary challenge isn’t short-term price action, but instead and ongoing battle against fiat:
Any sufficiently advanced magic is indistinguishable from technology
— Elon Musk (@elonmusk) May 22, 2021
The entrepreneur said that he “supports” cryptocurrency in that battle, but only only barely, and that his decision is “on balance.”
Musk’s Tweets on cryptocurrencies have been in the spotlight after the price collapse — a brutal crash that wiped out up to 50% of global digital assets and sparked concerns that the bull run was coming to an end.
Musk, who has been shown by several tests to be capable of manipulating Dogecoin markets with his Tweets, while larger coins by marketcap have proved to be more robust, has been sending contradictory messages about his help recently, and has insisted that cryptocurrencies need a way to become more environmentally sustainable.
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021
His erratic and often shifting views have piqued the interest of the financial press to the point that, according to a recent poll, half of Australians think Musk invented Bitcoin. Bitcoin was invented by Satoshi Nakamoto, a programmer who went by the alias Satoshi Nakamoto.
However, the crypto culture appears to be turning against him, with a petition circulated asking the world’s third richest man to sell his Bitcoin, as well as the Bitcoin Tesla actually owns.