- Elon Musk humorously compared the U.S. Dollar to a “scam coin” on X.
- Tesla profited over $230 million from Bitcoin amidst Musk’s satirical takes.
Elon Musk, the visionary CEO of Tesla and owner of the social media platform X, has shared a provocative post from an X user that drew a satirical parallel between the U.S. Dollar and what is colloquially known in the cryptocurrency world as a “scam coin.”
This comparison was made to highlight certain characteristics that are often associated with less reputable cryptocurrencies.
— Elon Musk (@elonmusk) March 13, 2024
Elon Musk Satirical Critique on Currency Traits
The post Musk shared outlined several features typical of dubious digital currencies: high circulation numbers, centralized control (symbolized by a single “node”), significant minting capabilities, and unequal distribution among holders.
These traits, in the cryptocurrency realm, are usually red flags, indicative of potential manipulation and poor design.
By drawing this comparison, the post implicitly questioned the integrity and design of traditional financial systems, using the U.S. Dollar as a focal point. Adding to the controversy, Musk commented on the post, stating,
“These scam coins are getting crazy. One someone just shilled me.”
This tongue-in-cheek remark by Musk not only amplified the original post’s message but also added a layer of irony, considering Musk’s own ventures into the cryptocurrency market and his influence on crypto valuations through social media.
The Speculation Around X’s Internal Token
Earlier this year, speculation arose regarding the possible creation of an internal token for X, aimed at rewarding content creators with convertible “diamonds.”
This speculation was fueled by an article from ‘X News Daily.’ However, Musk was quick to quash these rumors, categorically stating, “No.”
This denial put an end to the speculations but also highlighted Musk’s cautious stance towards integrating cryptocurrency-like models within his social media platform. To explore more details about this development, you can watch the following YouTube video.
Tesla’s Bitcoin Ventures
Amidst these discussions and Musk’s satirical takes, Tesla has quietly capitalized on its Bitcoin investments. The electric vehicle behemoth has reportedly netted over $230 million in profits following the introduction of Bitcoin spot ETFs on January 11 of this year, as ETHNews had earlier detailed.
On-chain analysis further revealed that the combined Bitcoin holdings of Tesla and SpaceX have exceeded the $1 billion mark, underscoring the significant financial gains these ventures have brought to Musk’s enterprises.