Elon Musk Not a Fan of Bitcoin
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Back in April 2019, Musk admitted that Bitcoin is not his safe word. “Cryptocurrency is my safe word,” he said at the time, voicing his support for digital currencies in general. Although he’s not directly involved with the finance sector, Musk’s opinion on digital currencies matter since he knows a thing or two about banking as the owner of PayPal.
Neither Here or There on Bitcoin
The recent tweet on Dogecoin is not Musk’s first public opinion on cryptocurrencies. Earlier this year, he said that Bitcoin is not his safe word, but that he believes in cryptocurrencies are the illegal-to-legal bridge for legal transactions. He also referred to the Satoshi whitepaper as very clever and has also been mentioned as the potential mastermind behind it, although he refuted those claims.
Musk’s opinion on digital currencies, Bitcoin or otherwise, matters in the long run. He’s a very influential person and one of the richest people in the world. Constantly using technology to move things forward with his company Tesla, Musk is an opinion maker that could change the way we view cryptos. He mentioned several times before that cash is getting increasingly harder to use, pushing for alternatives that could drive the financial sector forward.
Surprisingly, he has supported Dogecoin instead of the bigger cryptos such as Bitcoin or Ether. Citing that banks are in trouble already, he has openly supported cryptocurrencies as the best alternative to real money. Although not that big on Bitcoin, Musk’s support for Dogecoin and cryptos can make governments think twice.
Many are already reaping the rewards of cryptocurrencies. After proposing a bill that would effectively legalize the status of cryptocurrencies near the end of 2019, Germany is now officially supporting Bitcoin and the lot, clearly defining the line between them and electronic money.
How Elon Musk’s Opinion can Move the Crypto Industry Forward
Elon Musk’s and Tesla’s actions have had a massive impact on the world as we know it. His decision to produce electric vehicles caused a massive shift in the automotive industry, pushing competitors to do the same. It has also resulted in the regulation of diesel engines which are already being pushed out of ‘business’ in many countries around the world.
In the same way, Musk’s opinion could influence the financial sector to be more open to the idea of cryptocurrencies. Many countries have a hard stance on Bitcoin and don’t seem to let up, but opinion-makers such as Elon Musk may be the voice that helps them lessen the laws.
It doesn’t matter that he supports Dogecoin instead of Bitcoin – what really counts is Musk’s opinion on cryptocurrencies.
