Anyone who is in the crypto space has seen or heard about Elon's occasionally tweets and comments on crypto which were usually coming out as jokes and never were crystal clear as to what he believes about the topic. Well , this is past now , on a podcast in January 20 he said " I'm neither here nor there on Bitcoin " he continued saying that while Bitcoin's white paper is " pretty clever " his opinion about cryptocurrencies "gets the crypto people angry.” He went on and said
“There are transactions that are not within the bounds of the law — there are obviously many laws in different countries — and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].I think there's a lot of things that are illegal that shouldn't be illegal. I think that sometimes governments just have too many laws about the missions that they should have, and shouldn't have so many things that are illegal.”
At first glance it would seem that he's negative about the topic but that's not the case ,he emphasized that he’s not being “judgmental about crypto.” Musk is not exactly opposite to cryptocurrencies ,he noted that cash is increasingly harder to use, but any alternative would have to be usable for both legal and illegal purposes, as “it doesn’t count otherwise.”
In my opinion cryptocurrencies do have the potential to reach that place . Regardless though of Musk's opinion , crypto investors should be following him on social , being an influencer in tech space he has a power which I think he is pretty aware of , last summer he joked about Dogecoin and it pumped 30+% , so people beware of tweets , posts and comments. Also always DYOR as they say , I have seen people in the internet making fake tweets from him to make people buy in order to create pumps , don't get fooled check yourself about these things.
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