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Cyber Bitcoin
Edited by ack123888 at 2020-2-5 23:21

Musk recently shared his mixed feelings regarding the future of Bitcoin and other cryptocurrencies

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Photo: Paul Hennessy/NurPhoto via Getty Images



On Monday, Tesla and SpaceX CEO Elon Musk appeared on the Third Row Tesla Podcast to discuss a variety of topics regarding his past companies, current work, and thoughts on the future of technology. At one point in the conversation, Musk was asked for his thoughts on Bitcoin and other cryptocurrencies, a subject he has been known to tweet about somewhat frequently.

“I’m neither here nor there on Bitcoin,” said Musk in terms of his general thoughts on the financial technology.

Musk was then asked to share how he felt after he read Satoshi Nakamoto’s Bitcoin white paper for the first time, to which the Tesla CEO responded, “I thought it was pretty clever.”

While Musk sees value in Bitcoin as a tool for illegal transactions, he does not appear to be a fan of the “digital gold” thesis around the asset as a store of value.

Crypto Is for Censorship Resistant Transactions
As Musk dove deeper into his general thoughts and feelings on Bitcoin, his general thesis on crypto became much clearer.

“This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law,” said Musk. “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.”

When asked if he was specifically referring to dark web activities, Musk responded, “It can’t be entirely dark because, otherwise, how do you buy normal stuff? And cash, these days, is used much rarer. It’s increasingly difficult to use cash. Some places, you can’t use cash at all. So, 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.”

While Musk sees value in Bitcoin as a tool for payments that may not otherwise be allowed to occur, the Tesla CEO also sees a need for a bridge to exist between a crypto-driven black market and the legal economy.

Notably, a bill was introduced in Congress last week that could have a massive impact on the ability for Bitcoin to act as a legal, functional currency in the United States.

By Kyle Torpey






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