For Elon Musk, the Bitcoin whitepaper “is smart”, although he considers that he is not “neither here nor there” with BTC, in a position perhaps ambivalent against cryptocurrencies
Elon Musk, the CEO and founder of Tesla and Space X, and one of the most important technology-level figures, recently stressed that “Bitcoin is smart” (its white paper), and that it is not “neither here nor there” with BTC
Musk’s statements seem to represent a kind of mixed or ambivalent feeling about Bitcoin and cryptocurrencies, every time a few days ago, he called them “brilliant.” Also, in the past, Musk has said that Bitcoin is more valuable than fiat money.
The CEO of Space X and Tesla talked about Bitcoin during its appearance in an episode of the “Third Row Tesla Podcast” (Podcast: Tesla in third row), in which he praised the cryptocurrency from a technological perspective, while noting that its use The main one still resides in the “dark web”.
Elon Musk: “Bitcoin is smart”
Judging by the opinions of many personalities in the technology industry, there seems to be a fairly polarized environment in Bitcoin’s regard.
For Musk, however, neutrality over Bitcoin is the name of the game, in addition to pointing out that its main value derives from its use for illegal transactions:
The crypto community is bothered that this is said, but there are transactions that are not within the balance of the law… And, normally, cash is used for these transactions. But, for illegal transactions to occur, cash must also be used for legal transactions. You need a bridge from the illegal to the legal. That’s where the cryptocurrency comes into play.
Musk is not alone
This kind of feeling is not exclusive to Musk, as many critics of the cryptocurrency industry are quick to point out that their origins are largely rooted in the “dark web.”
Indeed, and although this has changed significantly in recent years, the general consensus is that crypto transactions are a threat to economic stability, since they are beyond the reach of regulators and government authorities.
However, it seems that BTC is an issue that has been on Musk’s mind in recent days, judging by his recent satirical tweet:
“Bitcoin *not* is my safe word.”
Bitcoin is still very young
According to Musk, the utility of Bitcoin will be limited to certain cases, and it is unlikely that it will become a “primary financial database”:
“Where I see crypto effectively as a replacement is for cash,” Musk said. “But not as a replacement for a primary base: I don’t see cryptography as the main database,” he added.