Elon Musk Thinks Crypto Could Be a Replacement for Cash

2020-1-25 01:02

Billionaire, SpaceX and Tesla CEO Elon Musk is also known for his cryptic tweets on crypto and Bitcoin (BTC), but on January 20, he talked about where he’s standing when it comes to these matters.

He mentioned that he’s “neither here nor there” when it comes to BTC, and that the stablecoin is being used for illegal transactions. Let’s not forget his Tweet from January 10, in which he said BTC is not his safe word, after in April 2019 he tweeted about cryptocurrency being his safe word.

Musk Has Connections with the Financial Technology Industry

While Musk’s tweets were considered to be jokes, seeing he also tweeted “Tesla private at $420”, his history with the financial technology industry is pretty vast. Back in 1999, he founded an online bank called X.com, which later merged with PayPal. After being asked about the spiritual similarities between BTC and X.com, he said he’s “neither here nor there on Bitcoin.”

Crypto Transactions not Within the Bounds of Law

Talking about Satoshi’s white paper, he said that it’s pretty clever. When it came to his stance on cryptocurrencies, he mentioned this could get people in the industry angry and added that:

“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.”

Musk also talked about how cash is harder and harder to use. He said an alternative would have to be used for illegal purposes too because otherwise, it wouldn’t count. While he didn’t seem convinced by cryptocurrencies, he seems to see their purpose:

“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].”

Musk Isn’t Judgmental About Crypto

In spite of the fact that he mentioned it’s being used for illegal transactions, Musk wanted to mention he’s not at all judgmental about crypto and that governments overreach when it comes to some aspects.

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