Elon Musk is like the Fed of crypto – but he was forced to ditch bitcoin payments for Tesla to avoid pressure from environmentalists, a private-equity CEO says

Elon Musk is like the Fed of crypto – but he was forced to ditch bitcoin payments for Tesla to avoid pressure from environmentalists, a private-equity CEO says

Elon Musk's association with cryptocurrencies arises from his early days in working within the digital payments' industry as part of the " ," according to Eric Schiffer, the chief executive officer at private equity firm, The Patriarch Organization. "Musk is like the Fed in many ways for crypto," he told Insider in an interview. "But I still think he's a crypto maximalist, and it would not surprise me to see his position get further nuanced in time on bitcoin, perhaps less draconian than of late." this week alongside a broader crypto-market sell off after halted payments made in the cryptocurrency, and China announced digital tokens can't be used in business. The popular asset showed signs of recovery on Thursday before more rollercoaster trading on Friday. "The fact that he's always been one of the iconic cheerleaders of the space, and being a master promoter has tied himself to the currency," Schiffer said. Although there are other Silicon Valley entrepreneurs who have been vocal advocates of crypto, Musk has been the most prolific. The growing challenge Tesla has had to face is an ultimate showdown between cryptocurrencies and a forward-thinking class of investors and environmentalists who have ushered in missions of