Elon Musk Reveals His True Opinion on Bitcoin and Crypto
Cointelegraph By Andrey Shevchenko's original article for cointelegraph.com reduced by 80%
After a long and cryptic series of tweets on Bitcoin, SpaceX and Tesla CEO Elon Musk elaborated his stance on cryptocurrencies in a Jan. 20 podcast. Noting that he's "Neither here nor there on Bitcoin," Musk focused on its use for illegal transactions.
In 1999, Elon Musk founded X.com, an online bank that through later mergers became PayPal. The interviewers then asked what Musk thought about Bitcoin and cryptocurrencies, given their spiritual similarity to X.com. "There are transactions that are not within the bounds of the law - there are obviously many laws in different countries - and normally cash is used for these transactions.
But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in." "You must have a legal to illegal bridge.
So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database." While not a full endorsement, Musk is not exactly opposite to cryptocurrencies.
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