Cryptocurrencies have been eventually recognized as a mainstream payment means and an investment instrument. Digital tokens have avid fans among the wealthy and privileged. Making a choice between fiat and digital money, Tesla and SpaceX CEO Elon Musk has decided in favor of cryptocurrencies. "The true battle is between fiat & crypto. On balance, I support the latter," one of the world’s richest men concluded on Twitter.

Earlier, Elon Musk welcomed and gladly participated in the Dogecoin project as he considers this digital token highly promising. Interestingly, the high-tech mogul has revised a few times his attitude towards Bitcoin. Elon Musk has gone a long way from flat rejection of virtual money towards approval. Eventually, the entrepreneur expressed his clear-cut aversion to the flagship cryptocurrency that caught investors off-guard. Tesla cancelled its decision to accept payments for electric cars in Bitcoins. The reason behind this move is that environmentally-conscious Elon Musk is worried about abnormal energy use for Bitcoin mining. He noted that his company is interested in other more efficient crypto projects.

The entrepreneur posted a chart of Bitcoin's power consumption and said: "Energy usage trend over past few months is insane." Crypto analysts reckon that he will focus on the Dogecoin project because one DOGE transaction requires 6,000 less energy than one BTC transaction.