Elon Musk, agree: “fraudulent coins are going crazy”

Elon Musk, agree: “fraudulent coins are going crazy”

Elon Musk

Tesla CEO Elon Musk shared a post from an X user that made a satirical comparison of the U.S. Dollar to a “scam coin” on Tuesday.

What Happened: The post delineated characteristics typically associated with dubious cryptocurrencies — such as high circulation, central control (one node), significant minting, and inequitable distribution—are generally seen as warning signs of poor design and potential manipulation in cryptocurrencies.

Musk shared a post on X, “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 post revealed, “jk that’s the US dollar,” directing his critique toward the US dollar.

Furthermore, earlier in the year, Musk, who also owns X (previously called Twitter), denied the existence of an internal token for the platform.  Following an article from a handle named ‘X News Daily,’ which hinted at the possible creation of a ‘Twitter coin’ aimed at rewarding content creators with convertible ‘diamonds,’ Musk’s response was: “No.”

Why It Matters: Meanwhile, Tesla has realized a profit from its Bitcoin holdings.

The electric vehicle giant has reportedly harvested upwards of $230 million following the launch of Bitcoin spot ETFs on January 11 of this year. On-chain analysts peering into the digital wallets of Tesla and SpaceX disclosed Bitcoin’s worth surpassing $1 billion.

The climb in Bitcoin’s value, reaching a record peak of $72,000, is partly attributed to the purchasing momentum driven by the introduction of spot Bitcoin ETFs in the United States.

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