Bitcoin Forum

Pretty exciting, hopefully some good press can help keep this week's run going!

Elon Musk is already one of the people who thinks about the good for our world and we all know what he does, so you know cryptocurrency promises us better future and considering Musk always thinks the best for world, so news did not suprise me.

Aside from being a visionary on things that were thought to be improbable for our time, Elon Musk still continues to deliver good things for the human race even though he obviously wouldn't be gaining much from it, aside from few obvious profits of course. Though not pretty much an avid cryptocurrency fan, Elon Musk knows what's up and knows that digital payments on secure platforms would be the future. Though he knows the capabilities of cryptocurrencies and the blockchain, he knows full well that they don't need it yet on their ventures and is honest about it, unlike JP Morgan's CEO lol.

Unlike CEOs of big banks this guy knows how to handle technological inventions and he easily accepts concrete facts that will reflect itself in the future. Paper money is losing its value and debts are heading up day by day with more than trillions of greenbacks. Adoption of companies will open new doors for crypto solutions to traditional business thinking,then new era of cashless society will start in blink of eye in case of non governmental forces.

Musk has undoubtedly achieved a lot in his life, I don't think we were waiting for him to make that statement to consider it as a fact.
Whiles't everything takes time and just like a stock the slow it goes up creating resistances the safer and foreseeable it becomes in the long run, Practically i don't think bitcoin, ripple or any other crypto would work for the cashless future because of the power it's consuming to mine those blocks.
However, XRP is a good option but do you think the government would use a 3rd party crypto just because of the hype?

I'm 80% certain that the future is going to be cashless, but the cashless currency you use would be of government.

Yeah and a statement like this coming from someone as prominent as musk could give bitcoin a boost for the short term. Especially now where it seems we'll be back above the 4k mark before the month ends. And obviously the guy knows what he's talking about.

It is pretty obvious that we are moving into a digitalized world and paper money would soon be obsolete, and would fade away, it already is, gradually.
Cryptocurrency would likely take the forefront in money transactions in the next two decades.

This is not the first time Elon musk showed his support towards bitcoin and more importantly towards cryptos. He earlier bashed Mr. Buffet for his negative comments about cryptos. So it is not a surprise that he spoke again in favor or cryptos.

He is a visionary a lot of his upcoming projects are based on the future of our human society. Be it spacex or EAV or driverless cars or augmenting brain power through AI- all of his projects are not very similar to what corporates are doing now! So I personally would not take his statements for granted, rather I would bank on it!

Well, it's good that he recognizes innovation. However, if you listen to him actually talking, his point is not as clear: https://www.youtube.com/watch?v=fKeK68wK0UQ. He agrees that the structure is brilliant and that crypto is far better than paper money, but he also mentions that his company will not use of sell Bitcoin and that the big downside of cryptos is that they require a lot of energy. So perhaps he is still waiting for something more improved to appear in the world of cryptocurrencies or for the prices to get stable enough, because nobody in the right mind would risk a successful business by getting involved with such volatile money.

Because he actually understands technology and not like wallstreet old people that just babbling asked for opinion and they have no idea what they talking about.
Reality :)

I'll second that, Musk is for sure a visionary, he understands the
threats facing the world in future, he can also see where society
generally is heading.

Im sure there are plenty of other high profile people who think
the same but Musk is vocal about it.

I agree with him that paper money is on the way out, hopefully
he is right about crypto.

Elon is still a business man, I don't see him helping people out of poverty.  I am one of those people that believe we should conquer all the problems on earth before we even attempt to travel to mars.

He also gets way too much credit.  Engineers that are behind the scenes are doing most of the work while Elon is just the public figure.

Pretty cool to see somebody as intellogent & super successful as Elon advocating bitcoin. I think one bitcoin will be worty an obscene amount in USD terms in a few years but we must be patient.

Elon musk is the opposite of warren buffet, he believe in high technology and he put his money there. he might have said a lot about it but where is the support or influence to engage its use in his technology territory of influence. For some project that have the support of microsoft azure etc. with a possibleuse case, I like to watch closely. I dont see paper money ending soon but might be reduced to large extend in circulation and bitcoin may not be the immediate replacement by the governments.

OP you could include full link of article, btw I'll post it for those who are interested in: https://cointelegraph.com/news/elon-musk-bitcoin-has-quite-brilliant-structure-paper-money-is-going-away
Personally I don't agree with him, we don't have to fully move on digital services. Paper money has to exist and be in circulation and it has a lot of reason. Maybe this argument look for you crqzy but imagine one day banks/government just froze everyone's account? Yeah, remember holodomor in Ukraine, that didn't happen long time ago, there is possibility same situation may happen indeed.

Honestly, all of this is a bit exaggerated. Bitcoin isn't meant to be influenced by any known person or organization(except WikiLeaks, IMO). When some influencer is against Bitcoin/cryptocurrencies then the community will just be spiting out their arguments to defends cryptocurrency. In the other hand, when some phenomenal influencer stated good things, the community praise it like a god.


Actually, Musk himself stated that he is an engineer.

Or just listen to the full podcast: https://ark-invest.com/research/podcast

One of the significant reason why conventional currency won't scale and will collapse is it's based on the trust system. And that is why Bitcoin exists, to seeks the solution for the root problem of conventional currencies.

Revolution is a must and it's also necessary considering the cost required for fiat currency to maintain and keep it accountable.

Blockchain and related technologies are making new bridges to enhance business productivity globally in coming future, definitely.

Elon Musk has already founded Open AI. AI, along with Blockchain and Machine Learning can bring major changes in whole businesses worldwide. It will also bring more transparency, speed, and security.

Bitcoin is a great example but has many drawbacks which have already filled by other cryptocurrencies and giving a more decentralized platform oriented solution which can be implemented in day to day businesses to offer more speed, and security along with transparency.

I think the system will naturally select by itself the way it wants to create value and exchange it too. Surely, digitalization of the system is naturally taking place not because an individual is propelling it but because the need is arising in the society. This is how I think the whole financial value system will happen not an individual creating it.

Wow! the co-founder of Paypal, Even though PayPal is in favour with Bitcoin there is still a significant issue between buying bitcoins with Paypal But anyway I am just thinking about something in my past experience using PayPal, But then again Elon Musk is the guy of the year and 21st Forbes list of The World's Most Powerful People, Well no wonder I really think he is thinking that way because he is a futurist and love to think of ways he may do in the future and seeing bitcoin to replace paper money was indeed, in my opinion, was he is thinking.

paper money might still survive if the world collapses due to cryptocurrencies.

i also read that article bitcoin cultists tried to put words into elons mouth saying that elon said "bitcoin is the future" so disgusting.

regards

Great to see Elon Musk acknowledge the bitcoin. I don't know why some billionaires hate bitcoin, and some like it, I thought all tech savvy will like bitcoin, but Bill Gates are some of them who decided to hate it. But I think people will change their perception about Bitcoin overtime, they might hate it sometime ago and changed their mind later.

Well it's true that for payment transfer system crypto is better than fiat, in transaction we need a fast, effective and efficient system, and crypto could provide all of that, and now the society is preparing toward a cashless transaction, so it's not wrong that Elon Musk predicted that we are toward a cashless transaction system and he choose crypto

He's a tech guy. Always enjoyed reading and understanding about all subjects. He made a fortune with a company that revolutionized the way you pay for goods and products on the internet.

I find it odd that it takes time to understand what Bitcoin really is. He has never been contrary, but also has not yet become a lover. I believe that the moment he stops and studies about, he will be amazed and will certainly try to somehow create a new company related to it.

anybody with half a brain has always understood the brilliance of bitcoin and saw the long term potential of it by simply looking past the price and drama that always surrounds bitcoin.


"good" stuff like this is always around even during the downtrends but they can never change the trends. right now we are trying to break a resistance and it won't be changed with news. it will take time and multiple tries before the breakout happens.

This is a huge compliment, coming from the co-founder of PayPal. Elon Musk is not unfamiliar with alternative payment systems and the Banking industry < he also founded X.com, an online bank >, so his opinion comes with a lot of weight and experience.  ;)

Musk has a good eye for emerging technologies and also technologies that might have potential for disruption of traditional systems and technology. <After all, he took on Oil companies with his electric cars and governments (NASA) with space exploration.>  8)

Well you just have to understand where they're coming from. Bill Gates loves technology, but I think he find something in bitcoin that might affect his business that's why he doesn't appreciate it.

Of course there's the possibility that most haters will make a U-turn in the future, specially if they really understand that bitcoin doesn't affect the financial world negatively and it won't disrupt some old traditional system.

paper money will go away sooner or latter, crypto will stay, to be specific, BTC and some govt. abcked crypto will stay.

This is really an amazing utterance, given the fact that Elon Musk himself doesn't own bitcoin, but only a small part that someone gave him. And this is his first public statement regarding cryptocurrency says to us that more and more serious people are optimistic about the future of bitcoin.

Elon Musk is the most brilliant individual with entrepreneurship skills and made a huge empire out of his inventions. He had his opinion about bitcoin and in fact it is true to say that it is easy to make bitcoin transaction globally without any hassle than paper currency and since he is an entrepreneur he knows better but that does not mean that paper money will fade away in the future, we need both forms of transaction, bitcoin for trade and commerce and international trade and obviously if local merchants accept bitcoin it is well and good if not we need local currency.

I already had time to read this news. This is a small positive for cryptocurrencies, but nevertheless the more famous people will speak positively about cryptocurrencies, the sooner cryptocurrencies will be accepted by humanity as a new financial reality. Especially if Bitcoin can prove its advantage over fiat money. We all just need to be patient and wait for a new bull market. The blockchain has great prospects, just quickly nothing happens. It takes time for humanity to appreciate all the advantages of the new technology.

Its not a surprise knowing it comes from the mind of Elon Musk. I admire his works not just his electric tesla cars but those rocket he flew from space. Even the person with technological advancements knows cryptocurrency is a big deal for mode of payment that can somehow be replaced fiat.

Elon Musk is a man of legend, man of innovation. I am sure, that we will be able to buy tickets for his spacecraft to Mars for bitcoins. ;D

well this is good coming from Elon Musk but i dont think paper money will come to an end as both cryptocurrency and paper money can co-exist. while cryptocurrency is good for huge transactions especially across borders, paper money is good for one on one transaction especially in market places. so both cryptocurrency and paper money can actually co-exist.

But only for a while. In time, everyone will have some sort of computer either wearable or implanted, making the need of physical money obsolete. Of course Elon is looking ahead, but it should take another century before physical money is seen like horse carriages. Sure you could still use one, but few do...

I just wish we had more visionaries like him being proactive in the cryptosphere

 I feel like Elon Musk is one of the few people who actually care’s about making a difference and delivering good things for the human race and planet in general. Even if not a devoted crypto fan, he still is highly intelligent and can tell that cryptos are the future. With his statement or not, it is obvious we are moving into a digitalised world where paper money will stop existing.

Of course paper money would give way eventually or be reduced to a ridiculous certain percentage of spending without any doubt however, it does not mean that automatically translate to the use for crypto because even now, electronic money have been the other of the day especially for the teeming youth population that virtually every transactions can be done via mobile application. Ellon's comment is really not coming as a surprise though because he has been known to not follow the norm and on the other side of things. But hopefully, the new wave of things would benefit the entire crypto market.

You should have included everything in the link though so we could see the whole article. Well, Elon Musk is smart when it comes to technology. He might have seen the potential of Bitcoin in the future. They might not use Bitcoin today, it will come in time when Bitcoin solve most of its problem which will give way for Elon to use it.

these guys speak very well about cryptos, but they do not have cryptos and do not use cryptos.

Tesla Billionaire Elon Musk Says He Owns $2.5K In BTC, Or ‘Literally Zero Cryptocurrency’ (https://cointelegraph.com/news/tesla-billionaire-elon-musk-says-he-owns-25k-in-btc-or-literally-zero-cryptocurrency)

they have lots of money and they do not have cryptos, that leads me to ask the following question. Why do not they have cryptos?

yes you are right, one of the problems with crypto is that they are unstable, even though their work methods are very good but too many risks must be borne by the user. but despite all that I still believe that someday crypto will replace FIAT

Its a very positive one and very energetic with so much support and hope for something much more better but still paper money can not go away it may rather work side by side with crypto currency which will make it more interesting for everyone

End of paper money? that's bit over the top. You can't just abolish something that took years to build, BTC is still very new.

It is hard for me to believe in such words, end of "paper money". So many fossil fuels to burn just to support whole world's crypto currency payment methods. When there is a famous guy supporting crypto says something good about it, they most likely be loosing fame or connections. Now sooner or later Elon Musk will also be called crazy by the media covering Bitcoin is a bubble. Good luck to him.

It's nice to see cryptocurrencies endorsed by more noteworthy business people around the world and the more that recognize it's worth and utility, the more we will see ordinary people using it. I think that in 2020 we will have a bigger bullish sentiment around cryptocurrency as more and more infrastructure is laid out and everything is made easier for the usability of crypto among the more ordinary folks who have not yet even known about Bitcoin before now, despite it has been around for ten years or so. It takes time for a technology to be adopted, especially this newest one, the blockchain.

Not saying will not happen but considering the fact that Bitcoin is a growing technology will not replace fiat immediately rather will keep developing and taking the fiat off its usual position. Even after the adoption of Bitcoin, it will take it some time to get ride off fiat, even though it will. In my opinion, the two are complement of each other and should have their purpose.

Well we all know elon musk is a visionary and is all for technological advancement, so he may have taken that statement a little further but who knows. I agree that in time, the way we do things may change and crypto could be that change for how we do regular daily transactions.

The big bank owners know that paper money is no longer feasible in this age, but because they make a fraudulent gain profit from it, they keep fighting to retain it, while depositors are made to suffer and pay for their expensive lifestyle. That is corporate wickeneess. Their days are number, you can't suppress the truth forever.

Logically right, it will take a longer time before this statement can be concluded, building paper money as  strength of a country would be hard
to be abolished just because of new way of payment currency, chances that they can work alongside each other and be more useful in the near
future, he's another famous personalities to support crypto but it's another speculated statement that can't be assured anything.

That is awesome by Elon Musk. He is personally came across many problems and he can just better than other world personality.
I wish this should be happen in the market and we need to grow more in the value and usage also should be increased.

Hello,

Another really intersting statement of Elon Musk ! He is very visionnaire and experienced so good point for Crypto expansion in general but it will be really hard to be free of paper money, specially for countries that will not ended so easily. there are many things to improve like transparency and security to go further in that way.

Although there is a continuous trend in cryptocurrency, I'm pretty sure with what he said in the last line that he also meant that paper money... ("hard money") is still more valuable.

Not only that, He plans to dominate the internet itself. Heard about the Project Starlink? It will be going up in the next 3 years and will provide high-speed internet access to the masses within a decade. Lots of exciting stuff is coming up. Recently Musk got the clearance to launch some 6000 satellites to launch within the period of next 3 years, expect some live streams from SpaceX :D

I unarguably support his opinion. Fiat currency is a mess in some underdeveloped nations and the inability of the Government to manage the economy see them printing more and more worthless paper and devalue the economy. Bitcoin and cryptocurrency is the best option..

Just remember one thing and that is that Bitcoin is not immune to these types of actions. We have already seen fractional reserve type practices in some of these dodgy Bitcoin exchanges and this is also a threat to Bitcoin's future. I am normally against any type of over regulation, but we need some oversight from some government to prevent these actions from scrupulous profit hunters on these exchanges.

Bitcoin cannot print "toilet paper" money, but centralized exchanges can cheat the system within their local ledger software.  >:(

yes you are right, paper money will never disappear. it's hard to make everyone use crypto when the value is unstable. I think Elon knows this. but maybe he just made good crypto images when the market crashed.

Elon Musk has taken time to study cryptocurrency using blockchain technology and has seen the great potentials and benefits it offers to the world, that is why he is all out showing his support. Though i am in support of him calling cryptocurrency brilliant, I don't believe paper money will end but it will rather co-exist with cryptocurrency.

Kinda like when I want to hang photos of my family on a wall with picture frames, I bring my phone to Kodak labs for prints. LOL, I remember using those 35mm film rolls and snapping pictures without knowing how it would look like and only after the film is developed and printed, would I know.

Elon Musk has definitely seen the potentials bitcoin has after making his analysis, thus calling cryptocurrency brilliant but predicting the end of paper money is something I don't think will occur. Paper money will not end but will co-exist with cryptocurrency. Well I maybe wrong but that's my opinion.

I don't think that it is, like, at all. I personally admire his capacity to build and if i can emulate even a bit of the great treats he has i could build cool things too since i have a lot of ideas.

Paper money will become(if it's not already) a burden for some governments and it will certainly be eliminated in the future. It's not really needed as long as a pretty good payment method is around that allow us to pay absolutely everything with virtual currency.

For example, in Venezuela you can only get like less than $1 everyday out from the bank. Yes you can't do practically anything with that. Imagine if instead of printing more and raising the inflation, everybody accepted virtual currency?. There wouldn't be a problem at all.

Elon Musk is a visionary entrepreneur he invented the PayPal and now he is seeing cryptocurrency he can analyse the future money and predicted cryptocurrency is future money

In the short term, but i think he was meaning in the long term. It won't be overnight, people will slowly use less and less cash, and then the switch to crypto is easier.

Cryptocurrency will definitely replace paper money. It is a good time to learn about it before it goes mainstream.

I of course believe strongly in cryptocurrency and believe that it can change the world for the better , but what will replace Fiat money I have little faith in it, fiat money is still reliable

It's the truth. Technology is evolving and becoming more and more convenient. With money will also. It is not known how long it will take. But sooner or later we will all move to cashless payments. I believe that.

Glad that there are well known people who's futuristic and know that technology will continue to develop in the future. And can see the value of crypto and what it can bring to the people. But as what he can view in the future, it would still take a lot of time before it will happen.

I really admire Elon Musk for always being positive with bitcoin. He always support cryptocurrency all the way of it's journey. We are starting to adopt the changes from this crypto world and i think time will come that we will further doesn't need any paper money.

Mr Musk should readily understand that the rest of the world isn't as small as where he lives. Oeople have different issues plaguing them at different times. It might be a great idea to embrace cryptocurrency just like we are having electric cars now but it shouldn't obliterate fiat like we would still have cars run on petrol, no matter what. Fiat will always exist for the not so internet suavy individuals and nations. This is the simple fact.

Elon musk is just another mummy boy who keeps calling out blockchain as a s brilliant as his spacex programmes, the truth is that spacex is just his zeal not a humanitarian effort.

There's a lot more to admire about the guy that just since stand on crypto. I don't even think he' given it much thought. He sees it for what it is  and that's another way to people to have quicker and efficient transactions in the future. He himself added he hasn't bought any btcs on his own yet.