Despite Musk’s bullishness on cryptocurrencies, the CEO of Tesla doubts that it would replace fiat. “I’m not a huge hater of fiat currency like many in the crypto world are,” Musk told Time.
But, according to Musk, “there are advantages with crypto relative to fiat, in that fiat currency tends to get diluted by whatever government it is. It ends up being a pernicious tax on people, especially those who have cash savings with a dilution of the money supply.”
However, financial experts view cryptocurrency as a volatile, risky and speculative investment. In turn, it’s recommended to only invest what you can afford to lose.
