Crypto News
Elon Musk Calls Fiat Currency A Scam
![](https://meshnews.org/wp-content/uploads/2023/10/image-placeholder-title-u3TFju.jpeg)
In a characteristically bold and provocative post, Tesla and SpaceX CEO Elon Musk has once again stirred the financial world by declaring, “Fiat currency” is a scam. Musk, responding to a post asking other X users what they think is a scam so normalized that people don’t even realize it is a scam, did not provide further context in the post.
Fiat currency refers to traditional government-issued money, such as the US dollar, euro, or yen, that is not backed by a physical commodity like gold but relies on the trust and authority of the issuing government. Musk’s comment adds fuel to the ongoing debate about the role of cryptocurrencies like Bitcoin in challenging traditional financial systems.
Bitcoin enthusiasts and advocates quickly rallied behind Musk’s tweet, interpreting it as an endorsement for the digital currency. They argue that Bitcoin offer an alternative to fiat currency, with advantages of being decentralized and resistant to inflation.
Musk’s statement adds to the growing discussion surrounding the role of Bitcoin in modern finance. While his post was brief, it remains to be seen whether Musk will further elaborate on his views regarding fiat currency or if this is another instance of his cryptic and attention-grabbing social media presence. Regardless, the debate over the future of money and the coexistence of traditional and digital currencies is unlikely to subside anytime soon.
Musk’s comment adds fuel to the ongoing debate about the role of Bitcoin in challenging traditional financial systems.
Crypto News
BRICS Poised to Dominate World Bank and IMF, Says Russian Executive Director
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The World Bank executive director for Russia forecasts that BRICS nations will soon dominate the World Bank and the IMF.
Crypto News
BRICS Considers Iran’s Proposal to Link Payment Systems of All Member Countries, Says Russian Official
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BRICS member states are considering Iran’s proposal to link all their payment systems, according to a top Russian official.
Crypto News
Bitcoin Investors Won’t Sell BTC Even if Price Drops to $3K, Peter Schiff’s Poll Shows
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Gold advocate Peter Schiff has conducted two polls regarding bitcoin’s value and investors’ actions if BTC price falls significantly.
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