Elon Musk is disdaining Bitcoin and its future
Elon Musk is disdaining Bitcoin and its future
Bitcoin

Elon Musk is disdaining Bitcoin and its future

By Amelia Tomasicchio - 24 Jan 2020

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Last Monday Tesla’s CEO, Elon Musk, spoke about Bitcoin and its future during the Third Row Tesla podcast.

Musk is certainly not new to the topic, given the many tweets he has published on the subject over the past few months, though it was never very clear what he really thought about bitcoin and whether he supported it or not.

Apart from owning a few (0.25 BTC, as he stated not so long ago), Elon has always been a bit cryptic – one might say – on the subject, often sharing humorous tweets.

Yet now on this podcast Musk has broken the silence, revealing to be very little interested in Bitcoin. These are his words:

“I’m neither here nor there on Bitcoin”,

making it clear that it’s not really something that excites him, although he admits that Satoshi Nakamoto’s idea is brilliant.

“I thought it was pretty clever.”

Yet even Musk falls into the trap of those who see in Bitcoin only a way to make illegal transactions, although he admits that some of the transactions are also used for legal purposes.

“This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law. And there are, obviously, many laws in different countries. And, normally, cash is used for these transactions. But, in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to legal bridge. That’s where crypto comes in.”

The future of Bitcoin according to Musk

As a result, Musk does not believe that Bitcoin’s future will be prosperous, explaining that it is certainly a way to avoid using cash but that BTC will certainly not be the main payment method.

“Where I see crypto as is effectively a replacement for cash. But not as a replacement for a primary – I do not see crypto being the primary database.”

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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