It was Musk's public critiquing of Bitcoin mining's environmental impact that started a chain of events that led to Bitcoin crashing last week, before eventually steadying and paring some of its losses.

That means, for better or for worse, almost all eyes on the crypto community are on Musk. This weekend, they'll likely be happier with what they see.

Musk started the weekend be voicing support for cryptos over fiat currencies on Twitter. "The true battle is between fiat & crypto. On balance, I support the latter," Elon Musk Tweeted out early Saturday morning.

The comment came in a thread Musk had started comparing magic to technology. Musk was asked by a Twitter user what he thought about people "who are angry at you because of crypto." Musk then offered the apparent olive branch, siding with crypto over fiat.