Musk has long been critical of the fiat currency. In February 2021, he tweeted, “When the fiat currency has a negative real rate, only a fool looks elsewhere”. He also compared fiat currency to BTC, stating “Bitcoin is almost as shit as fiat money”.

However, he added: “The real battle is between fiat & crypto. Overall, I’m in favour of the latter”.

The Tesla boss is not the only one who is of the opinion that fiat currency is a scam, fraud or Ponzi scheme, many share this opinion.

Vailshire Capital founder Jeff Ross wrote on Tuesday on X: “The fiat currency system exists to systematically extract purchasing power from participants”.

Robert Kiyosaki, author of Rich Dad Poor Dad, also called the US 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: ‘The end of fiat money is near’.