Elon Musk Is Undecided about Bitcoin but Thinks It Is ‘Pretty Clever’

Updated on Jan 24, 2020 at 1:34 pm UTC by Tolu Ajiboye · 3 min read
Photo: Pixabay
Photo: Pixabay

On the recent podcast, Elon Musk has expressed his opinion about Bitcoin. Tesla CEO believes that there are limitations to Bitcoin’s use as a primary financial tool.

Tesla and SpaceX CEO Elon Musk has once again shared his opinion on Bitcoin and its utility. On Monday, Musk was interviewed on the Third Row Tesla Podcast where he spoke about many things including his current and past endeavors. Among the topics discussed was the future of technology and how Bitcoin might relate. Musk explained his thoughts on Bitcoin.

How Elon Musk Feels about Bitcoin

During the interview, Musk declared that he is neutral about Bitcoin’s potency. Even though he didn’t disparage the asset, he said he was “neither here nor there on Bitcoin.” He, however, had a positive comment on the original Bitcoin whitepaper by Satoshi Nakamoto. According to Musk, the document was “pretty clever”.

Bitcoin is the first decentralized cryptocurrency and while there are still arguments on its utility, many agree that the whitepaper was a stroke of genius.

Elon Musk Thinks Bitcoin Treads the Illegal Line

The CEO suggests that Bitcoin and other cryptocurrencies are a little too easily used with illicit transactions. Speaking further on this, Musk expects to ruffle a few feathers but believes that this problem with legitimacy is a major one the crypto sector faces.

“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.”

On the Future of Bitcoin as Primary Medium of Exchange

Musk adds that there is something to be said for Bitcoin in the future. He believes that cash is slowly becoming obsolete and reducing utility. Because something needs to fill the void the absence of a crash is creating, Bitcoin is a strong contender.

“It’s increasingly difficult to use cash. Some places, you can’t use cash at all.”

However, the CEO believes that’s all there is to it. He does not believe the asset will become the world’s foremost financial tool, like many proponents hope.

“Where I see crypto as is effectively a replacement for cash. But not as a replacement for a primary – I do not see crypto being the primary database.”

Musk expressed a similar view early last year.

Musk Is Not Judgy

Regardless of his seemingly sharp views, Musk clarifies that he is not bashing Bitcoin. According to him, all of the illegality surrounding crypto can be changed if laws are tweaked just a little.

“This is sometimes taken as being like I’m judgmental about crypto, but it’s actually – there are a lot of things that are illegal that shouldn’t be illegal. I think sometimes governments have too many laws. They shouldn’t have so many things that are illegal,” said he.

Bitcoin News, Cryptocurrency news, News
Tolu Ajiboye
Author: Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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