Elon Musk tweets his support for cryptocurrencies in battle against fiat currencies

Elon Musk is again tweeting about technology and cryptocurrencies, and this time he’s clear on where his support is at.

In a thread started started by Musk himself comparing magic to technology where someone asked what he thought about people “who are angry at you because of crypto,” the Tesla Inc. CEO tweeted that the “true battle is between fiat & crypto. On balance, I support the latter.”

Bitcoin rose after Musk’s post to trade at around $38,150 as of 12:27 p.m. London time.

Musk has made similar comments before, including in December when he tweeted that “Bitcoin is almost as bs as fiat money.” In February, he elaborated to say that “when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.”