This week in an attack on fiat money Mr Musk tweeted that companies investing in bitcoin, “is simply a less dumb form of liquidity than cash”. Today the price of bitcoin reached a new all-time high of $57,000 per coin. This comes as the total market capitalisation for bitcoin exceeded $1 trillion during the week.
The astonishing rise of the world’s preeminent cryptocurrency has seen weekly gains of 14 percent and the digital asset has risen by 60 percent since the beginning of February.
Speaking to Express.co.uk bitcoin pioneer Max Keiser said: “Elon Musk, along with other billionaire CEOs, is staging a ‘speculative attack’ on fiat money and by extension, government regulators and the central banks.
“This is part of the Global Insurrection Against Banker Occupation (GIABO) that was started post-Occupy Wall Street.
“We are seeing the equivalent of a Civil War being fought between billionaires and the bankers who have traditionally been allies.
“Bitcoin is uncensorable, unconfiscatable, digital gold that gives anyone who owns it a way to opt-out and defund any fiat money-based state including Britain and the United States.”
Recently, Elon Musk has been making mischievous bitcoin tweets that could see him falling foul of market regulators.
After he began tweeting about bitcoin in earnest, the cryptocurrency’s price began to soar.
However, during the week Mr Musk appeared to have had a change of heart regarding bitcoin.
“But the fact is that Tesla bought Bitcoin, not Dogecoin, so I think Elon likes it a lot personally.”
This triggered a sharp response from Mr Musk which could see him gaining the undue attention of the US Securities and Exchange Commission.
Mr Musk replied to Mr Zhao tweet by stating, “Tesla’s action is not directly reflective of my opinion”.
He added: “Having some bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
Mr Musk then added: “To be clear, I am not an investor, I am an engineer.
“I don’t even own any publicly traded stock besides Tesla.
“However, when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere.
“Bitcoin is almost as bs as fiat money.
“The key word is ‘almost’.”
On Friday, an expert speaking to the Crypto AM said: “One week, Elon Musk is changing his social media bio to ‘bitcoin’ and sending the markets into total overdrive, the next he’s essentially labelling it as ‘BS’,”.
The expert added: “No one will be doubting that he has the right to an opinion.
“He also has the right to change that opinion, but if your opinion has so much influence on other people, well, it’s not something that should be taken lightly.
“I’m telling you now, this contrast, this apparent one-eighty, this shift of sentiment, call it what you will, is going to raise eyebrows with the authorities.”
The Daily Express has contacted Elon Musk’s Tesla press office, but has yet to receive a reply.