On the less serious side, he's posted countless memes about the jokey crypto Dogecoin, in the process driving its price up to extraordinary heights. Musk has positioned himself somewhere between a serious advocate for cryptocurrency and a troll who posts about it as a recurring bit. "Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies," he wrote on Twitter. Musk, though, pushed back against that conception of the two types of financial tech. But at its core, PayPal positions finance as the domain of a central authority that controls the movement of money, unlike Bitcoin, which is fundamentally decentralized. The reality, of course, is that PayPal found a sizeable niche in online finance, and made Musk a pretty penny in the process. that I know than you realize about how money works." Fact Check "Hey cryptocurrency 'experts,' ever heard of PayPal?" Musk taunted his detractors. "He’s a billionaire who will continue to use crypto as an investment vehicle to make him more money."īut now Musk is firing back - and pointing to his time at digital payment company PayPal for credentials in the world of online finance. "For the millionth time, Elon is not your friend," raged one Bitcoin fan after Musk announced that Tesla was no longer taking the digital currency last week. SpaceX and Tesla CEO Elon Musk has been catching a lot of flak from the cryptocurrency crowd lately. "Hey cryptocurrency 'experts,' ever heard of PayPal?" Coins Like Mario
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