It is like a love-hate relationship between the billionaire entrepreneur Elon Musk and Bitcoin.
Elon Musk has the ability to send the entire Bitcoin community into a frenzy, as previously noticed when he termed BTC as brilliant. However, in his latest take on Bitcoin, the Tesla CEO said he is, “neither here nor there.”
In his latest appearance on an episode of “Third Row Tesla Podcast”, The SpaceX and PayPal co-founder gave his latest take on Bitcoin in which he had heaps for the largest cryptocurrency from a technological perspective, but also emphasized on how Bitcoin is majorly used on the dark web.
A statement of the explanation given by Elon Musk reads as follows, “This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law… And let’s not forget, different countries have different laws. And, normally, cash is used for these transactions. But, even for illegal transactions to take place, cash has to be involved for legal transactions. You need an illegal to the legal bridge. That’s the cue for crypto to intervene.”
Several Bitcoin critics have had a change of sentiment for the cryptocurrency industry as a whole, however, noting that cryptos have majorly being used for illicit transactions is still arguably the major drawback that its critics pounce on.
Musk is popular amongst the Bitcoin community for dropping Bitcoin easter eggs and as per his recent tweet, just weeks before the latest Bitcoin bull run the billionaire entrepreneur explained that Bitcoin isn’t his safe word.
Elon Musk also termed the bitcoin whitepaper as ‘Clever’ in the interview and also explained how it is increasingly becoming difficult to use cash for transactions but still was not entirely convinced that Bitcoin or cryptocurrencies will entirely replace cash heading into the future.
I am a big admirer of the heights Bitcoin has already reached and I continue to maintain that Bitcoin is the future currency, however, I also have to agree with experts and analysts that the market yet is in the developing stages and is immature. If anything by the current market situation, it looks like Bitcoin has a long road ahead before it is ready to break the stereotype that it is only used for illicit activities.