Elon Musk Is Positive About Bitcoin But Claims It Cannot Become ‘A Primary’

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Bitcoin, the world’s largest cryptocurrency also has the tag of being the most popular cryptocurrency. Many proponents of the digital asset field have pointed to multiple advantages of using the cryptocurrency, sometimes even being joined by mainstream personalities

Elon Musk, the CEO of SpaceX and Tesla has been a vocal commentator about the digital asset industry and mainly about Bitcoin.

In a recent podcast, Musk spoke about the effectiveness of the cryptocurrency industry and what role Bitcoin can play in it. According to the CEO, he was “neither here on there” about Bitcoin. His views about Bitcoin have been consistent since 2014 and has kept himself updated on the industry. Elon Musk spoke about how he thought the original Satoshi Nakamoto Bitcoin whitepaper was clever and praised some of its characteristics.

The SpaceX honcho admitted that there is value in Bitcoin being a tool for illegal transactions. He claimed that despite the positive side of Bitcoin, he was not a fan of “the digital gold” thesis. Musk added:

“This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law. And there are, obviously, many laws in different countries. And, normally, cash is used for these transactions. But, in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to legal bridge. That’s where crypto comes in.

Musk was asked about Bitcoin’s usage in the dark web and how it can affect the entire cryptocurrency industry as a whole. The Tesla official admitted that there were certain areas where cash cannot be used and that is where Bitcoin comes in. In his words:

“…there’s a forcing function for transactions that are illegal, quasi-legal, and in some cases legal. But it’s got to have both legal and illegal.”

The founder of PayPal also saw the need for a bridge to connect the decentralized network with the mainstream economy. This connection would bring in more credibility to the cryptocurrency market which in turn would make it a more conducive environment for institutions.

A majority of the cryptocurrency market has rallied behind Bitcoin to replace fiat money as the primary mode of payment. Elon Musk was against this idea because according to him, crypto cannot become the primary database for financial transactions. The interview concluded with Musk talking about the role of regulators in crypto. He urged regulators to look at the positive of the decentralized economy and then make informed decisions. This would help people to conduct transactions easily and in a much safer manner.

 

Akash Anand: I am an engineering graduate with a leaning towards content and hard-hitting journalism. The aim has always been to gather the latest happenings in crypto and present it to the world.