Elon Musk’s ‘Magic Is Indistinguishable From Technology’ Tweet Sees Bitcoin Price Stabilise
Elon Musk has said he still supports cryptocurrencies, after a series of comments in recent weeks appeared to cast doubt on their viability.
Taking a break from posting Dogecoin memes last night, May 22, the Tesla CEO wrote in a cryptic tweet that ‘any sufficiently advanced magic is indistinguishable from technology,’ a comment many interpreted as being in reference to cryptocurrencies.
In a more explicit backing of the virtual coins, Musk responded to a tweet asking him about criticism he’s faced over his perceived role in Bitcoin’s recent dip, saying, ‘The true battle is between fiat & crypto. On balance, I support the latter.’
‘Fiat’ refers to fiat currencies – what most of us would understand to be regular currencies like the pound, euro and dollar – which are given value by the governments that issue them.
Musk’s tweets seem to have succeeded in allaying fears that one of the world’s richest men was growing sceptical of cryptocurrencies, with the price of Bitcoin jumping to around $38,150 in the hours after his comments.
Bitcoin’s value has since fallen back to just below $35,000.
The SpaceX CEO has made several comments in recent weeks that led crypto-backers to believe that he was walking back his earlier support for Bitcoin, Dogecoin and other cryptocurrencies.
While hosting Saturday Night Live a fortnight ago, Musk described Dogecoin as ‘a hustle,’ and earlier this week sparked a major Bitcoin sell-off after he announced Tesla would no longer be accepting the currency as a payment due to it’s environmental impact.
In a Twitter thread, Musk explained the amount of energy needed to mine Bitcoin meant the cryptocurrency had a higher carbon footprint than many countries, but added that he believed the currency could become sustainable ‘over time.’
He also called out crypto-backers who questioned his views on the currencies, saying, ‘Hey cryptocurrency “experts”, ever heard of PayPal? It’s possible … maybe … that I know than you realize about how money works [sic].’
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