Elon Musk : Crypto Won’t Effectively Replace Cash Payments
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Elon Musk : Crypto Won’t Effectively Replace Cash Payments

January 24, 2020      Richard M Adrian

Tesla and SpaceX chief Elon Musk shared his thoughts on cryptocurrencies and Bitcoins in an interview with the Third Row Tesla Podcast. Musk clarified that he is neither a critic nor an advocate for cryptocurrency technology. During the Monday discussion that cut across his current work and his opinion on the future of technology; at one point he answered a query on the subject of bitcoin. In fact, the SpaceX founder is known for his frequent tweet concerning the subject. Here is what he said: 

“I’m neither here nor there on Bitcoin… I thought [the Bitcoin whitepaper] was pretty clever.”

Meanwhile, the interviewer asked him his first emotional response after he read Satoshi Nakamoto’s Bitcoin White Paper. He said that he thought the paper was a pretty clever attempt on the future of digital money.  Musk said that people should acknowledge the fact that as much bitcoin is used for illegal activities; it is also used to serve a legitimate purpose. However, the Tesla CEO did not appear convinced that Bitcoin was the digital gold or offshore storage of value. 

Difficulty To Manage Cash Was The Probable Catalyst For Crypto Boom

Musk pointed out that cash was becoming increasingly difficult to use. Hence a level of forceful function for both transactions that are legal and others that are illegal. He suggested that the difficulty to use cash was the one thing opening a backdoor for crypto into the global economy. Nevertheless, he was dissatisfied that cryptocurrencies and digital assets could effectively and conveniently replace cash as the primary payment option. 

“So where I see crypto as, respectively, is a replacement for cash. But I do not see crypto being the primary database.

He also revealed that Bitcoin indeed had utility and the ability to gauge the black market. Especially in a cashless society, however, the idea of it becoming a global reserve was kind of out of balance. Musk added that there was this need for a bridge between crypto driven black markets and the legal economy. 

The Tesla CEO finalized his interview with a note clarifying that he certainly did not have any moral objection to bitcoin. 

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Richard M Adrian
Richard M Adrian

Blockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.