{"id":9793,"date":"2020-05-22T21:57:46","date_gmt":"2020-05-22T19:57:46","guid":{"rendered":"https:\/\/satt-token.com\/blog\/?p=2115"},"modified":"2020-05-22T21:57:46","modified_gmt":"2020-05-22T19:57:46","slug":"what-does-elon-musk-think-about-cryptocurrency","status":"publish","type":"post","link":"https:\/\/satt-token.com\/blog\/archives\/9793","title":{"rendered":"What does Elon Musk think about cryptocurrency?"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2116\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/05\/BN-SS512_2YjoP_OR_20170330060433.jpg\" alt=\"What does Elon Musk think about cryptocurrency?\" width=\"750\" height=\"503\" title=\"\"><\/p>\n<p><span style=\"font-weight: 400\">Elon Musk and Cryptocurrency has been a very attractive topic in the recent past.\u00a0<\/span><span style=\"font-weight: 400\">Cryptocurrency is a very interesting topic as the new \u201cdigital money\u201d has garnered a lot of buzz and interests since the first-ever cryptocurrency, Bitcoin was introduced.\u00a0 It is an \u201cinternet money\u201d that was built to be transparent, fast, secure, and cheap using cryptographic technology. The purpose of introducing cryptocurrency was to usher in a new age of transacting where individuals go through lesser stress to get transactions done.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cryptocurrency, the most widely accepted use case of <a href=\"https:\/\/satt-token.com\/blog\/2020\/02\/27\/the-blockchain-explained-for-dummies\/\">blockchain<\/a> has truly <\/span><a href=\"https:\/\/www.inc.com\/john-white\/9-industries-that-will-soon-be-disrupted-by-blockchain.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">disrupted<\/span><\/a><span style=\"font-weight: 400\"> a lot of industry as it has largely been adopted by various industries such as Fin-Tech, banking, education, agriculture, among others. Although not generally accepted in its early stage, cryptocurrency has steadily won a lot of hearts, including those that doubted it in the beginning and the buzz surrounding it is ever increasing as a lot of prominent figures in the world has had one thing or the other to say about this technology.<\/span><\/p>\n<p><span style=\"font-weight: 400\">One man who has always had something to say about cryptocurrency at one point or the other is Elon Musk. Elon Musk is a renowned entrepreneur and businessman who is also the founder of SpaceX and Tesla Motors. Musk, who became a multimillionaire in his late 20s after selling his startup company, Zip2, to a division of Compaq Computers, is a well-respected figure in the business world.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_32 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table des mati\u00e8res<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table des mati\u00e8res\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/satt-token.com\/blog\/archives\/9793\/#Elon_Musk_and_Cryptocurrency_Neither_Here_Nor_There\" title=\"Elon Musk and Cryptocurrency: &#8216;Neither Here Nor There&#8216;\">Elon Musk and Cryptocurrency: &#8216;Neither Here Nor There&#8216;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/satt-token.com\/blog\/archives\/9793\/#Elon_Musk_and_Cryptocurrency_Paper_Money_is_Going_Away\" title=\"Elon Musk and Cryptocurrency: &#8216;Paper Money is Going Away&#8216;\">Elon Musk and Cryptocurrency: &#8216;Paper Money is Going Away&#8216;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/satt-token.com\/blog\/archives\/9793\/#Elon_Musk_and_Cryptocurrency_Favorite_Cryptocurrency\" title=\"Elon Musk and Cryptocurrency: &#8216;Favorite Cryptocurrency&#8216;\">Elon Musk and Cryptocurrency: &#8216;Favorite Cryptocurrency&#8216;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/satt-token.com\/blog\/archives\/9793\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Elon_Musk_and_Cryptocurrency_Neither_Here_Nor_There\"><\/span><b>Elon Musk and Cryptocurrency: &#8216;<\/b><b><em>Neither Here Nor There<\/em>&#8216;<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Earlier this year, Elon revealed his stance on cryptocurrency in a <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=NxmO_QuD4Do&amp;feature=emb_title\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">podcast<\/span><\/a><span style=\"font-weight: 400\">, where he reiterated that he neither stands with bitcoin nor against it, laying major emphasis on the fact that the anonymous currency is being used for illegal activities. The billionaire also sent out several short and cryptic tweets that are related to cryptocurrency and on <\/span><a href=\"https:\/\/twitter.com\/elonmusk\/status\/1215526980449255424?lang=en\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">one of those tweets<\/span><\/a><span style=\"font-weight: 400\">, he said, \u201cbitcoin is *not* my safe word.\u201d This has caused a lot of confusion because of his <\/span><a href=\"https:\/\/twitter.com\/elonmusk\/status\/1117100699798478849\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">tweet<\/span><\/a><span style=\"font-weight: 400\"> in 2019 where he said, \u201ccryptocurrency is my safe word\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Elon Musk said that his stance on cryptocurrencies \u201cgets the crypto people angry,\u201d while referencing the Satoshi\u2019s whitepaper as \u201cpretty clever.\u201d He continued by saying that it is increasingly harder to use cash, but any alternative would have to be usable for both legal and illegal purposes, as \u201cit doesn\u2019t count otherwise.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although he might not be totally sold on the idea of cryptocurrencies, Elon clearly sees a purpose for them as he said, \u201cYou must have a legal-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].\u201d<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Elon_Musk_and_Cryptocurrency_Paper_Money_is_Going_Away\"><\/span><b>Elon Musk and Cryptocurrency: &#8216;<\/b><b><em>Paper Money is Going Away<\/em>&#8216;<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">In another <\/span><a href=\"https:\/\/ark-invest.com\/research\/podcast\/elon-musk-podcast\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">podcast<\/span><\/a><span style=\"font-weight: 400\"> interview with FYI &#8211; For Your Innovation on ARK investment that Elon did last year, he claimed that \u201cpaper money is going away\u201d, and that \u201ccryptocurrency is a far better way to transfer of transferring value than pieces of paper\u201d while also calling the technology behind bitcoin \u201cquite brilliant\u201d, saying that \u201cthere seems to be some merit to Ethereum and some of the other cryptocurrencies.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Elon made it clear that Tesla will not be getting involved with digital currency because it is not a good use of the company\u2019s policy and the creation and mining of cryptocurrencies takes a lot of computer power and therefore electricity. Elon said, \u201cIt is very energy-intensive to create the incremental bitcoin at this point\u201d and, \u201cI think one of the downsides of crypto is that it, computationally, it is like quite energy-intensive.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although Elon Musk has claimed that he has friends that are \u201creally involved with crypto,\u201d he also said that he literally owns \u201czero cryptocurrencies\u201d other than the 0.25 BTC that someone gave to him years ago.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Elon_Musk_and_Cryptocurrency_Favorite_Cryptocurrency\"><\/span><b>Elon Musk and Cryptocurrency: &#8216;<em>Favorite Cryptocurrency<\/em>&#8216;<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">On the 2nd of April 2019, Elon Musk surprised bitcoin and cryptocurrency watchers as he <\/span><a href=\"https:\/\/twitter.com\/elonmusk\/status\/1113009339743100929\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">tweeted<\/span><\/a><span style=\"font-weight: 400\"> that the meme-based Dogecoin might be his favorite cryptocurrency, even ahead of the leading cryptocurrency, Bitcoin, which he had previously heaped <\/span><a href=\"https:\/\/www.forbes.com\/sites\/billybambrough\/2019\/02\/21\/what-elon-musks-and-jack-dorseys-surprising-bitcoin-comments-really-mean\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">praises<\/span><\/a><span style=\"font-weight: 400\"> on, in a reply to a Twitter poll, where he was found to be the favorite to take on the mantle of dogecoin CEO, with 49% of the vote.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He then jokingly changed his Twitter Bio to say that he is the \u201cformer CEO of Dogecoin,\u201d and tweeted a doge meme with the caption \u201cdogecoin rulz.\u201d After these series of events, the price of Dogecoin went up by 27% in a 24 hour trading period, which saw the cryptocurrency valued at a whopping $381 million after the price boost.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Just as Elon said, he is neither for nor against <a href=\"https:\/\/satt-token.com\/blog\/2020\/05\/18\/crypto-highlights-week-20-everything-from-last-week-you-dont-want-to-miss\/\">cryptocurrency<\/a>, as he believes that the digital currency has a place in finance but he doesn\u2019t think it will be the primary means of transaction. He has shown both support for the currency and concerns about it, so whichever way it goes, he won\u2019t be too affected.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Elon Musk and Cryptocurrency has been a very attractive topic in the recent past.\u00a0Cryptocurrency is a very interesting topic as the new \u201cdigital money\u201d has garnered a lot of buzz and interests since the first-ever cryptocurrency, Bitcoin was introduced.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[47],"tags":[],"class_list":["post-9793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-stories"],"_links":{"self":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/posts\/9793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/comments?post=9793"}],"version-history":[{"count":0,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/posts\/9793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/media\/2118"}],"wp:attachment":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/media?parent=9793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/categories?post=9793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/tags?post=9793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}