Time Person of the Year Elon Musk: Crypto Is Unlikely to Replace Fiat

UTC by Daria Rud · 3 min read
Time Person of the Year Elon Musk: Crypto Is Unlikely to Replace Fiat
Photo: TIME / Twitter

According to Time, Elon Musk is the man who aspires to save our planet and get us a new one to inhabit. The magazine called the billionaire “clown, genius, edgelord, visionary, industrialist, showman, cad.”

On Monday, Time Magazine revealed the name of the richest and the most influential person in the world for 2021. According to Time, the “Person of the Year” is Tesla Inc (NYSE: TSLA) CEO Elon Musk. According to Time editor-in-chief and CEO Edward Felsenthal, the choice was based on Musk’s contribution to the development of state-of-the-art technologies as well as the fortune he had made with his companies.

Edward Felsenthal said:

“Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too. In 2021, Musk emerged not just as the world’s richest person but also as perhaps the richest example of a massive shift in our society.”

“For creating solutions to an existential crisis, for embodying the possibilities and the perils of the age of tech titans, for driving society’s most daring and disruptive transformations, Elon Musk is TIME’s 2021 Person of the Year,” added he.

This year, Elon Musk has made several notable achievements. Firstly, he became the first person ever worth more than $300 billion. Secondly, his space transportation services company SpaceX successfully launched four civilians into space on the first private flight, which is a milestone in the development of space tourism. Further, Tesla became a trillion-dollar company, as the interest in electric vehicles has significantly grown. A prime example demonstrating this growth is an announcement from the car-rental giant Hertz about adding 100,000 Teslas to its fleet.

According to Time, Elon Musk is the man who aspires to save our planet and get us a new one to inhabit. The magazine called the billionaire “clown, genius, edgelord, visionary, industrialist, showman, cad.”

Last year, Time gave the title to US President Joe Biden and Vice President Kamala Harris.

Elon Musk About Cryptos

Known for his positive attitude to Dogecoin (DOGE), Elon Musk recently said that crypto is unlikely to replace fiat currency. He remains bullish on digital coins, finding cryptocurrencies interesting. However, they are still considered to be volatile, risky, and speculative investments.

Elon Musk said:

“I’m not a huge hater of fiat currency like many in the crypto­world are. But there are advantages with crypto relative to fiat in that fiat currency tends to get diluted by whatever government it is. It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply. I could wax on about the nature of money for hours because I played a significant role in creating PayPal. There are very few people that understand [the money system] better than me.”

Musk considers Dogecoin the best crypto for transactions. According to the billionaire, Dogecoin has an advantage over Bitcoin (BTC) and other cryptocurrencies as it “encourages people to spend, rather than sort of hoard as a store of value.”

Altcoin News, Cryptocurrency news, Editor's Choice, News, Personal Finance
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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