- Tesla, Elon Musk, has always been the bigwig of crypto due to his tweets on cryptocurrencies and bitcoin.
- Elon Musk shared his thoughts on whether Bitcoin can replace Cash.
- Musk suggested that Bitcoin must be reviewed from a legal perspective before considering the value of bitcoin in its economic impact.
The CEO of Electric car giant Tesla, Elon Musk, has always been the bigwig of crypto due to his tweets on cryptocurrencies and bitcoin
When inquired as to why he was less bullish on Bitcoin than previously, about the tweet musk posted from his Twitter account.
Bitcoin is *not* my safe word— Sphere-Earthers Rūl (@elonmusk) January 10, 2020
Musk answered, “I’m not leaning over” along these lines “or” here “over Bitcoin.” He recognized that the Bitcoin white paper was acceptable, however, forewarned that it may offend people in the digital currency industry, and clarified the indistinct limits among lawlessness and lawfulness, as follows:
There are many transactions where Bitcoin is outside the balance of the law. Of course, different countries have different laws, but such transactions usually use Cash.
However, for illegal transactions to occur, Cash must also be used for legitimate transactions. We need a “bridge” from illegal to legal. That is where virtual currency comes in.
When inquired as to whether the transaction was on the dark web, which is exceptionally anonymous, Musk said this was not the case and noticed that Cash is getting extremely hard to utilize.
Will Bitcoin Ever Replace Cash?
Musk also shared his thoughts on whether Bitcoin can replace Cash. He mentioned that Today, Cash rarely used. In some cases, it has become increasingly difficult to use and has already been entirely unusable.
He further added that “In the increasingly cashless society, we see that bitcoin can be a substantial alternative to cash,” while “we do not believe it will be a major economic database.”
However, he added that cryptocurrencies are not critical. Adding to this, he said that the things that should not be Illegal are “illegal” due to too many laws that are stopping that from getting ‘legal.’
Musk suggested that Bitcoin must be reviewed from a legal perspective before considering the value of bitcoin in its economic impact.
Flashback to Remarks of 2014
The things Elon Musk said in the Podcast was not an immediate response and change in mood. In the 2014 “New Establishment Summit” during an interview, he shared the same thoughts.
“Bitcoin will be used primarily as a means of illegal trading, but that is not necessarily bad. Some are things that should not be illegal.”
Both illegal trades will help. Otherwise, they would not be worth using for illicit trades. At that time, he mentioned in his Interview, which certainly highlights the fact that Elon has always been a supporter of Bitcoin over Cash.