Bitcoin Forum

Despite being an avid supporter of Bitcoin, Elon Musk admits that he owns absolutely zero cryptocurrencies that he purchased himself.

Musk seems to find cryptocurrency to be a brilliant innovation.

“Cryptocurrency bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure,” Musk said.

Read more here: https://www.unblock.news/news/elon-musk-calls-bitcoin-a-brilliant-technology-even-better-than-paper-money

kinda old news buddy, you should source fresh news if you want readers to go to your site.

I wonder if he smoked a joint before making such a statement.

If he finds cryptocurrency such a brilliant innovation, then why don't he has it or bought it? He only hold a bit, that was granted his from a friend.

Actually it is his fresh opinion. Of course, such articles will appear every time someone famous speaks positively about cryptocurrencies, so I will not be surprised if similar article appears again in a week, after his next, similar statement.  ;)

He might be a supporter of the technology behind them, but not BTC or any altcoin specifically. Especially if you take in mind that you can't set up a business or purchase fuel for your rockets without using fiat  :)

Its good to hear that such a brilliant innovator feels positively about cryptocurrencies, but it is funny knowing that he literally did not purchase any BTC or other popular altcoins.

His statement that paper money is going away is something that I do not agree with though. Cryptocurrencies will only serve as alternate payment options and not replace paper money entirely.

He's busy with his business maybe. No time for speculative investment. However I believe he will probably look for crypto related solution for his automated car-sharing business (if it does ever get realized). He might want to use crypto and blockchain to help automatic rental/payment. Or better yet, he might want to use tech like ShareRing to leverage his car-sharing business.

It is better than "Paper Money", most if not all ways of paying someone is better than using "Paper Money".

The technology is so good that he decided to avoid it and use that bad old paper money and support this dying old monetary system. Awesome logic.

He is a shitty businessman tbh. The way he is managing with Tesla proves it.
Unfortunately, there is no any serious reason for him to use cryptosurrencies in his projects. He may use blockchain but without cryptos it won't affect the common users like us.

Big people are now paying attention, i don’t know their real purpose but I smell something big in the future. Many big personalities will surely do the same thing. Anyway, Ellon Musk is right bitcoin is better than fiat money in so many ways, it will grow more in the future.

I think that Musk was probably drunk ot high,when he said that.It's just a blatant statement,without any depth or analysis.He says that bitcoin is awesome,but he isn't saying why it's awesome.All that shit about "no curreny control and better transations" is not always true.He's just spreading bullish propaganda.

Paper money is not going away and I think it will stay here for a very long time. Even when paper money will disappear I still don't think everyone will turn their attention to bitcoin since there also exist credit cards or bank accounts that allow you to pay faster than with paper money. People are used to use fiat and its very hard to chance their mentality about that.

i know that elon musk is the open minded people, and he work on the technology sector. so i think they will support the digital currency especially on cryptocurrency and bitcoin because he think that it wil lchange the wworld in the future

No matter if you use your bank card or paper money. You are still using fiat currencies but in 2nd case you are not holding it in your hands. Governments are imposing using bank cards because in this case they will control your transactions while paper money are still providing anonymity (just like bitcoin).
Fiat money will never disappear, it will just switch into a more trackable online form.

Elon Musk statements is positive for cryptocurrency industry hailing both bitcoin and blockchain it helps these industries get wide representation in the technology world

We he said he does own a few btcs given to him but yeah he hasn't purchased some by himself, yet. Statements like this coming from someone with elon musk's stature is a big plus to promote bitcoin and to veer it away from all the negative images it got from the past year.

As one of the founders of paypal he can easily create a crypto version that will be able to compete with his old company. This will be bigger than anything we've ever seen

He is spot on, that is exactly what is happening in my country not by choice but by force. Socialism killed the economy, among other things by restricting foreign money exchange via "currency controls" so they could "digitally create" all the money they wanted to pay their ever growing debt. This provoked scarcity of money in physical form as well, so there are no coins or banknotes in enough abundance or of high enough denomination to be of any use anyway. No surprise my country is topping the ranks in localbitcoin usage. Unfortunately, as usual, socialists want to tax that as well. They might make it illegal to use any other means of exchanging (like they did to fiat), not that they can actually enforce it but that is always the problem with those who think can replace the free market with bureaucracy...

Being a technology entrepreneur, he's good with his decisions. These people have made themselves billionaires through technology. Upon the same users these people will surely prioritize the technology. Though bitcoin is a succes through the technology he points out the growth of blockchain and its effective use over paper money and nothing on cryptocurrency.

This sentence is fully right. As time goes by, they will obliged to use it, even if they do not want. Because in the developing world, everything should be appropriate for development and  the crypto is the future of money. Anyway, we can all see that Musk is always thinking about the future of humanity.

I heard the same. He does own some bitcoin although not purchased but still holds some denomination of bitcoin in some capacity.
He stated he holds 0.2btc in a wallet which he never touched since it was given to him.
But that is still owning some. ;)

well i also agree but its still will take a long time because bitcoin transaction need internet

If I am Elon Musk and I really do find cryptocurrency "a brilliant innovation", I will not announce that I own one because I am a public figure. Because that will defeat the principle of anonymity of what business transactions I am planning to have in the near future. No one knows, may be why he said he doesn't own any crypto because he is still making one.

Just read along the lines and you will understand, he is not having the time to personally purchase anything but he might be having a team of investors who have invested in it, since he is a billionaire he will be having a team to carry out his orders when it comes to investment. ;)
He is having legit business ventures and there is no need for anonymity for his transactions and hence he wont be worried at all even if he discloses his investments.

Well, it can be because he does not need one as he is very rich and he is preoccupied with many other big things in life. Not all believers and supporters of Bitcoin are actually holding Bitcoin in the same way that not all Coke drinkers and loyal lovers do own any Coke stocks. Plus I think Elon is just expressing what his own opinion on this matter. So maybe let's leave things at that.

We've been saying this for years, but there's no area to consider :)

People are now looking hotter than Bitcoin and cryptocurrencies, despite the fact that the price drops so much.

That's  right mate but different people has a different thought and opinions  about the crypto between peper money, so to stop argument about this matter respect the opinion of each other about the future of new technology and fiat.

Funny because Bill Gates who is considered a tech genius is against bitcoin.  He is best friends with Warren Buffet and we all know what Warren thinks of btc.  They obviously have an agenda to see it fail.

I'm a bit suspicious that he compares Bitcoin with paper money rather than electronic payment systems. Electronic money are not revolutionary at this day, and Musk, who stands at the origin of PayPal knows it, the real innovation of Bitcoin is decentralization of electronic payments, which means that Bitcoin primarily aims to disrupt centralized payment systems, and not decentralized ones like paper money. Bitcoin and paper money are not enemies, even though paper money have centralized and inflationary supply, they still offer more freedom and privacy than traditional electronic payment systems.

Elon Musk is the man of the future. Sometimes it seems to me that he sees through time something that other people simply cannot see. Of course, not all his projects are economically beneficial, but he is rather a dreamer who gives people ideas and does not care about profits. Such people create the future and we must pay tribute, he succeeds. I hope that with Bitcoin, he also does not make mistakes, and in the next 10 years Bitcoin will become a world currency.

Even if these is not that "fresh" news, still it is still new and it is a good happening. We all know how influential Elon Musk is and how he can influence those people who are outside bitcoin to try it. And bitcoin is indeed brilliant, normal people really need to appreciate what bitcoin can do them. We all know how helpful it is to us, how it makes our lives easier. We can buy anything when the store is bitcoin friendly. It is even a form of investment. We can even play on an online casino  (https://vegascasino.io/casino/video-slots/durian-dynamite?utm_source=ccdd) using bitcoin where we can play multiple types of games like poker and the likes that will remove our boredom and still earning money. We can also trade this crypto to other cryptocurrencies. So bitcoin is indeed brilliant.

I agree, Bitcoin is much more reliable and smarter than paper money. Of course, there are minuses and advantages, but I’m definitely in Bitcoin as a long-term investment!

Of course it is, regulated supply/inflation unlike fiats which can be printed at the whim of the government. Cryptocurrency is the next phase in the evolution of money- borderless, instant, and fast. The potential for this technology is limitless.

paper money supply only grow hence the value only will go down while the price in supermarkets/house/cars and other slowly go up...

do you know that smart criminals only inside the usa fake money one on one in the range of millions per day and the goverment print non stop....and after all this the usa is backed by 20 trillion and growing debt and all other paper money value is shit only one or two is great like euro and another one the other s value is shit and yet all they depend on the usd which can crash like greece,  in example its like to fuel car with hole ,,,,to much supply of paper  money which  mean the value only will go down and not other way again in different words there is huge vulnerability in paper money.


all what i wrote here recheck with expert economist.

crypto is also store of value and cash in the same time,,,,which mean people who store value in gold/diamond and fear the paper money after few crashes was in the usa where are the main banks in the world and greece crashed and other paper monies like india and russia and other their value is complete shit.....and the usd which all other depend on him backed by 20 trillion debt and growing....after all this rich people convert money to diamonds and some gold....which mean if they want to use it as money/cash they must to convert it to some other value(cash) in order to buy everything...which mean the selling rate of gold/diamonds will always grow in some sort of level which mean its hurt the value its like people sell bitcoin at the peak,

another point is bitcoin and other small supply coins are much more less in supply relative to gold/diamonds there is equation to know this...

another thing and last is crypto/bitcoin is store of value like gold/diamond and cash in the same time which mean the selling rate soon will fall drastically becasue we can buy almost everything and dont needed to convert them to paper money and this effect will surge the prices of crypto -- only low supply coins

Even though this is old news, I believe Elon Musk's words are true. And we are part of a living witness to how bitcoin circulates and survives in the midst of the advanced technology that exists today.