Elon Musk’s tweet ‘Magic is indistinguishable from technology’ sees Bitcoin price stabilize

PA Images / @ elonmusk / Twitter

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 “ all sufficiently advanced magic is indistinguishable from technology, ” a comment many have interpreted to mean to cryptocurrencies.

In a more explicit support of virtual parts, Musk replied to a tweet Asking him about the criticism he has faced regarding his perceived role in Bitcoin’s recent drop, saying: “ The real battle is between fiat and crypto. Overall, I support the latter.

“Fiat” refers to fiat currencies – what most of us would understand as ordinary currencies like the pound, euro, and dollar – which are valued by the governments that issue them.

Musk’s tweets appear to have succeeded in allaying fears that one of the world’s richest men may become skeptical of cryptocurrencies, with the price of Bitcoin climbing to around $ 38,150 within hours of his comments. .

Elon Musk tweets about cryptocurrency (PA Images)PA Images

The SpaceX CEO has made several comments in recent weeks that have led crypto-backers to believe he is giving up his previous support for Bitcoin, Dogecoin and other cryptocurrencies.

In a Twitter thread, Musk explained that the amount of energy needed to mine Bitcoin means the cryptocurrency has a higher carbon footprint than many countries, but added that he believed that currency could become sustainable “over time”.

He also has called the crypto-backers who questioned his take on currencies, saying, “Hey cryptocurrency ‘experts’, have you ever heard of PayPal? It is possible… maybe… that I know that you realize how money works [sic]”.

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