The CEO of Tesla and Spacex, Elon Musk, believes that fiat currency is a scam. In a post on social media platform X, user Wall Street Silver shared an image with a question on Sunday: “What’s a scam that’s so normalized that we don’t even realize it’s a scam anymore?” Musk replied: “Fiat currency.”

Musk has long been critical of fiat currency. In February 2021, he tweeted, “When fiat currency has negative real interest, only a fool wouldn’t look elsewhere.” He also compared fiat currency to BTC, stating: “Bitcoin is almost as bs as fiat money.” Nonetheless, he added: “The true battle is between fiat & crypto. On balance, I support the latter.”

The Tesla boss is not the only one who holds the view that fiat currency is a scam, fraud, or Ponzi scheme. Vailshire Capital founder Jeff Ross described on X Tuesday: “The fiat currency system exists to methodically extract purchasing power from its participants.” Rich Dad Poor Dad author Robert Kiyosaki has also called the U.S. dollar a scam, and predicted the demise of the USD. The famous author refers to fiat money as “fake money,” while gold and silver are “God’s money” and bitcoin is “people’s money.” He wrote in July: “Giant crash [is] coming … Get into real gold, silver, bitcoin asap … End of fiat (fake) money [is] near.”

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