Elon Musk Doubts That Cryptocurrencies Will Replace Fiat Money

Elon Musk Doubts That Cryptocurrencies Will Replace Fiat Money

Every year, Time Magazine names someone as their “Person of the Year”. This year, this person is Elon Musk - the CEO of Tesla & SpaceX, one of the wealthiest people in the world, and a semi-recent crypto enthusiast.

Musk is credited by many to have swayed the crypto bull run of 2021, for better or worse. His tweets are considered to be some of the major catalysts that would make the crypto markets react accordingly - everything from the continuous endorsement of Dogecoin, all the way to Tesla starting to accept BTC as payment for their cars, and then seizing this due to Bitcoin's mining energy consumption concerns.

In his own right, though, Elon Musk has proclaimed that he does not believe cryptocurrencies will replace fiat money in the future. He is, however, still very much interested in the technology behind crypto, especially in regards to crypto being “an information system for resource allocation”.

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While talking with Time, Musk has also addressed the speculations that he’s responsible for the movements in the cryptocurrency markets, basically shunning and discarding this idea.

Aaron S. -  Expert Reviewer

by Aaron S. - Expert Reviewer, BitDegree


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