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Elon Musk Confirms His Crypto Loyalty – Bitcoin News

Tesla and SpaceX CEO Elon Musk have finally confirmed their cryptocurrency loyalty, following a series of contradictory signals that have coincided with the market downturn last week. Musk confirmed that he eventually supports cryptocurrency against fiat-issued money on Twitter, which was seen as a clear rebellion from his earlier statements, where he criticized the bitcoin network due to claims of energy inefficiency Had.

Elon Musk Confirms His Crypto Loyalty

Tesla and SpaceX CEO Elon Musk again take on the crypto bandwagon, at least if we take their latest statements seriously. The entrepreneur has now become a cryptocurrency influencer who confirmed his loyalty to cryptocurrency and his preference for crypto assets via Twitter. while answer In a tweet asking what he thinks about people who have recently criticized him on the subject, Musk said:

The real battle is between Fiat and crypto. On balance, I support the latter.

Bitcoin was taken as a clear endorsement of cryptocurrency from Musk after a period of harsh criticism due to the large amount of energy being used to achieve network decentralization. Musk went from hero to villain earlier this month when, after being a clear supporter of Bitcoin’s economic proposal, he raised important questions about the sustainability of future cryptocurrencies, and how the network could grow too large and have too much power. Can consume process.

These critics were seen as one of the few major reasons why the market declined, with the recent clear news of China re-banning cryptocurrency trading and mining. Both claims appear to be “repeated FUDs” from the Chinese government. However, this does not mean that Musk is a hardcore crypto supporter, but he is actively trying to change how cryptocurrency works to make it cleaner for the environment.

Musk’s take on crypto

Musk also recently Criticized The centralization of bitcoin, citing recent articles, describes how the flooding of a coal mine in China drastically lowered the hash rate of bitcoin. At the time, Musk said:

Bitcoin is actually highly centralized, with supremacy controlled by a few large mining (aka hashing) companies.

Tesla stopped accepting bitcoins as payment for its vehicles earlier this month due to environmental concerns. But according to Musk, the solution to the Bitcoin dilemma may be Dogcoin (DOGE). Or at least what he wants to make from DOGE in the future.

Musk is negotiating with Dogcoin protocol developers to improve the throughput of cryptocurrency and to make it more efficient and decentralized than its proof-of-work (PoW) counterparts. He is a big believer in this cryptocurrency and has also talked about what he wants to achieve in the near future with these proposed reforms. So, yes, Musk is actually a cryptocurrency supporter, but understanding his thought process is a completely different story.

What do you think about Elon Musk’s latest take on cryptocurrency? Let us know in the comments section below.

Image credit: Shutterstock, Pixabay, Vicky Commons

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