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Elon Musk slams U.S. dollar again, compares it to a ‘scam coin’

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Here’s a look at how Elon Musk’s satirical jab at fiat currency influences the crypto market.

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On the 12th of March, Tesla CEO Elon Musk stirred the digital currency sphere once again by sharing a satirical comparison of the U.S. Dollar to what was dubbed a “scam coin.”

The post, originating from a user on X (formerly Twitter), humorously juxtaposed the characteristics of the U.S. Dollar with those typically associated with dubious cryptocurrencies. 

With pointed references to high circulation, centralized control, extensive minting, and skewed distribution, the post highlighted warning signs often indicative of poor design and potential manipulation within the cryptocurrency realm. 

The tweet noted, 

“These scam coins are getting crazy. One someone just shilled me: – 27 trillion in circulation – unlimited supply cap – only 1 node. 25% of supply minted in last 6 months. 1% of holders own 30%.”

The possibility of a ‘Twitter coin’

This not only drew attention to certain aspects but also underscored the ongoing discourse surrounding the legitimacy and sustainability of various digital assets.

The post didn’t hold back, revealing a punchline that hit home,

“jk that’s the US dollar.”

The Tesla CEO has made a similar comment last year as well. Musk, responded with “fiat currency” to a post  that asked  X users what they think is a scam so normalized that people don’t even realize it is a scam

The critique effectively targeted the foundation of traditional currency, showcasing Musk’s penchant for challenging conventional norms, especially in finance.

Earlier this year, Elon Musk, weighed in on speculation surrounding the platform’s potential introduction of a digital token. 

A piece from ‘X News Daily’ had hinted at creating a ‘Twitter coin,’ aiming to reward content creators with convertible ‘diamonds,’ prompting Musk to swiftly dismiss the notion with a concise “No.”

This incident not only underscored Musk’s clear stance on certain digital currency ventures but also reflected the persistent speculation surrounding the convergence of social media and cryptocurrency.

Impact of Bitcoin on Tesla

In the dynamic cryptocurrency landscape, Tesla has emerged as a significant beneficiary, capitalizing on substantial profits from its Bitcoin [BTC] holdings.

Reports indicate gains exceeding $230 million post the launch of Bitcoin spot ETFs on 11th January, further affirming Tesla’s prowess in the digital asset realm. 

On-chain analysts have uncovered a Bitcoin cache surpassing $1 billion in Tesla and SpaceX’s digital wallets, solidifying their strategic venture into cryptocurrency. 

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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