Topic: Elon Musk: "Bitcoin is almost as bs as fiat money" (Read 494 times)

Elon Musk is a well-known successful businessman who recently invested  $1.5 billion in cryptocurrency Bitcoin and tweeted on Twitter. As a result, crypto has caused a great stir and the market for cryptocurrencies has expanded. I don't see any fault in him investing for profit.

It's what celebrities are.
Now I expect many people that will now sell their coins just because a celebrity claimed that it is "almost BS".
Well they'll overlook the "almost" but the BS is what they're gonna read.
I expect many would sell their BTC, but hey let's see who are the real hodlers like us.

First of all, the countries don't need to adopt Bitcoin. For my part, I don't expect any of the UN member states to replace their national currency with Bitcoin. And we don't need that. What we need is acceptability from the governments, and not adoption. And secondly, I don't think that Bitcoin is competing with fiat currency at this point. The competition is with other assets, such as equities, mutual funds and bullion.

When it comes to fee issues or talks then we cant really deny that Bitcoin is really on that downward view or impression towards it because if we do try to compare against fiat payment fees then we would really able to tell the difference but the truth that we cant just ignore that Bitcoin does have advantage on several angles.

When it comes to sentiments came from those people then its not something to be shock on because those could either be positive or negative from time to time.

People who had been expecting too much from Musk would definitely get stressed nor shocked on what he had mentioned out about BS thing.

Even i was of the opinion that the tweets of Elon Musk are for his amusement to tease the cryptocurrency market as he was always trolling everyone with Doge coin and once the news came out that his company invested $1.5 billion in bitcoin it is a completely different story as he is taking advantage of his bargaining power with his tweets.

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.

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.

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.

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.

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

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. 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.

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

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  

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



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.

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

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.

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.

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.

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

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?

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.

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.

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.

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.

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.  

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?

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....

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:


That explains why he prefers Bitcoin over fiat. Now here is the next statement:


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.

Since elon mosk keep tweeting about bitcoin and crypto the price of btc keep rising.

And until now I still can't see the bitcoin price gap going down, i think the price will keep rising and be more stable than before (2017-2020).

Don't try to analyze and understand Musk's behavior. He manipulates the market as usual.

He is not disgusted, hate, frustrated, or ashamed of BTC, he just clears out that he is not involved by any means on why TESLA buys BTC. He made it clear that there's no personal intervention as people know that he is the CEO of the company.

And actually, this is somehow a neutral tweet that is open for any kind of interpretation.

I can understand that, he is frustrated or over overwhelmed by feeds, interviews -personal or public- about his interest, excitement or investment in Bitcoin and maybe he wants the smoke to clear, but it's had for a Billionaire to hide out, and he is creating a form that he hates Bitcoin or crypto-currency, maybe me using hate is
Going far but you get the point.

Don't know what to say about it as it makes no sense; it's almost impossible to understand what's the agenda behind Musk's tweets.
I believe he's kind of playing with fire trying to probably see whether twitter will start flagging his tweets as some derailed financial advice or not.
He can't keep making the weather here.

Maybe you should care, cause he can easily manipulate it, if he can make it rise up to 50+, then he can lower it to 20 in just a simple tweet. Just sayin

Almost means it's still better than fiat then, still a good thing considering how bitcoin only appears in a decade and already better than the ancient fiat money that's  already exist and got many patch here and there but still a lot more bs than bitcoin.
Elon need to know that crypto is always developing, it's matter of time until most of cryptos fixes its imperfection.

Did you understand his tweet? He even spelled it out this time by saying " The key word is “almost” ". He is saying that fiat money is BS and Bitcoin is almost BS. This is because fiat money can be printed in any amounts, while Bitcoin's supply is limited, while both have no intrinsic value.  It was clear that he meant it when he originally tweeted "Bitcoin is almost as bs as fiat money" - I don't get how it flew over the heads of most Bitcoiners, I guess people are way too attached to Bitcoin and just have a knee-jerk reaction when they see "BS" and "Bitcoin" in the same sentence.

Will CT start to hate Elon after this? He is not maxy anymore

Short Tesla if you feel that strongly about it.

Almost like but never!  I think Elon Musk has always had some kind of limp thoughts that often make me confused, but his scope of action, his computation is intentional and he wants to imply something. 
The attraction that Elon created was so great, admiring that the melody that Elon had had great friction.  The intentions Elon wanted to fulfill could lead to the next quest.  Always pay attention to this move!

He can do it whenever he wants. Remember that he is a famous influencer who owns the Tesla and SpaceX, whatever he says, people will still believe him especially followers. Simply Elon Musk is currently manipulating the world and the people by back off on the bitcoin and to be able to less the hype of it. Elon Musk was intelligent to think that lessen the hype on the bitcoin will be able to help him also. To cut it short, Elon Musk is just manipulating or playing the crypto market in order for it to be dump because although he buys 1.5b of bitcoin he knows that if it dumps he can still have profit on it.

I think this is fully a game from Elon mask. As he is a business man and he knows well that if he tweet about any thing that must be boom in a second and he has taken that benefit. He just invested into DOGE coin in low rated and after tweet he gain his profit same as for BTC. After his comments or tweets BTC is going boom to boom and we would not be surprised if BTC hit to 100k$.

I agree that bitcoin is almost the same as fiat money, bitcoin is a legal medium of exchange in several big countries maybe in the future everyone will hold bitcoin, Elon Musk has become a person who wants to collect bitcoin he knows bitcoin in the future can beat fiat money.

Well he is playing with the crypto market because he knows that he is late in the crypto party. Whereas institutional investors have entered into the market at at 28k - 30k region, Elon's Tesla entered at 40k region. So he has to make it worthwhile for his company. He knows he has a great influence due to his wealth and success and he is using it to make his investment look safe. But anyway, he is also making our HODLING look stronger so can't really complain! We would have complained if he had advocated against bitcoin! So enjoy when you are on lottery!

Elon Musk is a charlatan. People don't recognize that because he's so successful but he's the most overrated person on planet earth right now.
I don't wanna get into it. But his opinion on bitcoin is irrelevant. Only his influence among his butt-sniffing followers.


Maybe I'll open a topic on how Elon Musk is a charlatan so that I can be linking to it in situations like this but I'll summarize.


1. He got ridiculous amounts of credit for SpaceX, especially re-usable rockets.

The only reason he is successful is government money and lots of it. The costs of his launches are actually higher than the reusable space shuttle (per launch cost) if you include the fact that the shuttle had multiple passengers and not just cargo.

Many parts of the rockets cannot be re-used and maintenance costs on top of that mean that he hasn't made rocket launches all that much cheaper. In fact his way of doing things doesn't really reach the point where re-usable rockets even make sense.

2. Hyperloop. As in the whole idea is 100 years old. He stole it, gave it a new name and claimed to be the inventor. If that is not bad enough, it's a terrible idea. A low pressure tube can fail along any of it's seals, when that happens (or someone just shoots a part of the steel tube) all the passengers in the system die. The trains accelerate as if in a blow dart gun, crash and die.


3. Electric Cars and batteries.

Electric cars are simpler than Internal Combustion cars. Yes, he's done a lot of good with Tesla but it's not really anything revolutionary. When he simply switched the size of the batteries that will go in his electric cars he claimed that as an improvement.
Yes, a bigger battery can hold more power but that doesn't mean there is any improvement of using more smaller batteries in energy density.


4. Ridiculous bullshit claims.

a. Claiming to make tunnels 100 times cheaper. In reality he compares the cost of digging a tiny hole to the cost of a metro system with trains, stations and everything.
b. Claiming that rockets can be cheaper than planes
c. Claiming that large electric aircraft could work with current technology
d. Claiming that he will make rockets 100+times cheaper by making them re-usable, and then not even reaching the break even point on beating single use rockets for years and years and years.

Agreed. In an indirect way, he is saying that Bitcoin is better than fiat cash in the current form. So I would take this as a positive comment from Elon Musk. He has given cryptocurrency users a lot of things to cheer, and I don't want to badmouth him for just one misunderstood comment. Also, let's not forget the fact that cryptocurrency is not free from major flaws. Scalability issues remain, and at an average of $15 per transaction, the fee remains at a very high level. Any efforts to resolve this issue had to be cancelled due to the opposition from the miners.

Well the keyword there is "Almost" so I don't really think he's trying to manipulate the price nor giving a negative comment about Bitcoin. It's just that he is trying to make his own stand in cryptocurrency. He is enthusiastic about Bitcoin but at the same time open to more alternative ways. People shouldn't make a big deal out of this.

As most users mentioned he's a player, smart businessman and more of a Wall Street professional. When someone has got money, automatically they'll get into more tricks and techniques to keep it growing. One such act is the recent activities of Elon Musk. I ain't good enough to state his mind, but it striked my mind.

At what price he could've invested on bitcoin, for sure he could've invested at the price below $10000. What he has earned out of the investment is huge. Now he needs buying volume to sell off so keeps pumping the market through different activities. Right now the buying volume is low, and this restricts him from taking away the profit and leave the market for now.

Bitcoin has made Elon more famous than before. his Twitter follower growing up after mentioned bitcoin daily. he must say thank you into bitcoin. Overall whatever his comment does not make bitcoin price falling down so much, we know he only one of which is an investor for a small value. it's not affected anything.

He is a smart Business man without any doubt and using his clout to promote Bitcoin as an alternative currency because he is heavily invested in it. He strongly  believes in its potential to grow many folds in coming months and years. He has been very successful so far to attract investment of general public and institutions in BTC. Using Tesla to promote Bitcoin and Bitcoin to promote Tesla is very smart strategy.

 https://qz.com/1971100/buying-bitcoin-after-an-elon-musk-tweet-is-a-rational-move/

First off, it looks to me Elon is a player. Moreover, his words are sometimes enigmatic, sarcastic, and so on. And more often, people or his tens of millions of followers, many of them blind, probably do things which are not the ones Elon must have wanted them to do as per his tweets or statements. But he doesn't care about them. He just does his thing. Elon is probably thinking he doesn't have any responsibility over his followers, and perhaps rightly so.

Secondly, it seems to me Elon does not have the perfect money in mind. And the statement in the OP does not mean Elon is backing off as a Bitcoin bull. In the first place, was he ever a Bitcoin bull? What's clear is that Elon is not a fan of fiat. And Bitcoin critics cannot just celebrate simply because Elon calls Bitcoin almost as BS as fiat. It seems this is just a battle of lesser evil. Both are BS but one is apparently better than the other.

This is only proves Him right , that He is a Nonsense Individual that only wanted to Play with the crypto market.

He is trying to see how influential He is in Crypto community and if The pumps  really sparks by him and now if the Dumps will be coming from Him as well.
But this time I'm sure he will fail and people will realized that what they once believe is a pure of BS show only.

Let's not fall into trap and Keep the Market heating and not by Him playing us all along .

But still, he owns a majority of the stocks in Tesla and if he is saying anything on Twitter then he is referring to his companies views too. I think we should not take that tweet so seriously. He comes on to Twitter quite often now and if he continues like this people will not take him seriously.

It would really go down, as it is now actually visible in our naked eyes that ELON MUSK has the power to manipulate the flow of cryptocurrency just by typing in his twitter and pressing the post button. So if he would sell and post it, BTC might experience a great correction, not just by 20 or 30k, it can even reach 40k down.

I bought 50 shares of Tesla back in 2018 and like always, I wish I bought more. Not worried, just wondering what people are thinking.

I guess people have been having difficulties making out which is Elon Musks opinion vs his companys' (Tesla) opinion. People have judged that he was pro-Bitcoin due to Tesla buying such a huge amount, but in his defense, it seemed like a commonsense move due to being right now, holding your money by buying Bitcoin is by far better than any other option available. I don't really know much of what his tweets are about, but based on his words and the tweet prior to what op has posted, you can immediately understand those answers.

Although I do think his interest in Dogecoin is personal, compared to Bitcoin which is viewed from a business perspective instead.

I imagine it would go down.

If you are worried about it, buy Tesla shares as a hedge, as they seem to have dived since they bought Bitcoin 

what happens to the price if he was to sell all his holding?

I doubt he sold yet. It would be all over the media as Tesla would have to disclose it.

It's very different from him holding it personally.

If anything, he truly believes in Bitcoin if he is tying it directly to the fate of his beloved company.

He's gotta cash out some first.  We wouldn't know it if he did.

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.

My bet is he's testing how much an affect he has on the over all value of Bitcoin once he makes a comment about it.  

It's a power trip.  How else does the richest man in the world get his kicks lol?  Of course you folks do know how utterly
nuts the guy is right?  He believes that mankind is a computer program.  And that is just one crazy notion this guy has.

Elon Musk made the bullshit comparison between fiat and bitcoin and few days ago and this might be his latest tweet as he might be facing some heat as it was evident that he was manipulating the market with his tweets and with the price of bitcoin and doge rallying he might got some warning from his lawyers to retract and hence these tweets .

 
 

Musk likes to make fun of things.

BS probably meant that while fiat is made out of thin air and loses value fast because of inflation Bitcoin also appeared out of nowhere and gains value due to FOMO

Don't bash Elon too hard. He likes bitcoin.

I think things like this can be taken out of context, when you pick them out of a conversation in isolation.

He was probably just giving a little bit of ground in the conversation in order to prove his point.

Yes, he can be a bit of a loose cannon, but do *you* really believe Elon Musk thinks Bitcoin is BS after buying that much of it?

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.

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:

Source: https://twitter.com/elonmusk/status/1362600676174557186