Elon Musk, the CEO of Tesla and SpaceX, is no stranger to controversy. Recently, he made headlines by declaring that fiat currency is, in his opinion, a scam that society has normalized to the point of acceptance. Musk’s view is shared by others, including Robert Kiyosaki, author of “Rich Dad Poor Dad,” who often warns against investing in fiat currencies like the U.S. dollar, which he dubs “fake” money.
Musk’s critique of fiat currency surfaced on a social media platform, X, in response to a question about normalized scams. He unequivocally stated, “Fiat currency.” This isn’t the first time Musk has expressed skepticism towards traditional currencies. In February 2021, he tweeted about seeking alternatives when fiat currency has negative real interest rates and compared Bitcoin to fiat money.
While Musk’s stance is bold, he’s not alone. Jeff Ross, founder of Vailshire Capital, has also criticized the fiat currency system, suggesting it systematically erodes purchasing power. Kiyosaki, on the other hand, goes further by calling the U.S. dollar a scam and advocating for investments in precious metals and Bitcoin.
This debate underscores the ongoing discussion about the role of cryptocurrency and the future of traditional fiat currencies.
