May 16, 2020 18:30 UTC
May 16, 2020 at 18:30 UTC
Elon Musk Shocks Industry, Says Bitcoin Is Better Than Fiat
For the third time in a couple of months, Tesla’s CEO Elon Musk chose to name drop Bitcoin (BTC) on Twitter.
This time, Elon Musk stunned the crypto industry, writing that the flagship cryptocurrency is looking ‘strong’ contrasted with fiat currency.
Bitcoin Is Superior to Fiat Money? Elon Musk Says!
Reacting to “Harry Potter” author J.K. Rowling, Elon Musk commented only minutes prior that he thinks the “massive currency issuance” by the government and national banks in making Bitcoin (BTC) “look solid in comparison.”
Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet 👻 money look solid by comparison
— Elon Musk (@elonmusk) May 15, 2020
Musk’s point holds merit. As saw by Bitcoin developer Jimmy Song, the supply of US Dollar (M2) has expanded by $2.3 trillion inside the range of a quarter of a year — likely the quickest development of fiat money ever.
The previously mentioned Twitter post is the most recent remark of numerous Musk has made for digital currency so far.
Addressing ARK Invest in mid 2019, the Tesla and SpaceX CEO said that he believes Bitcoin’s structure is ‘very splendid’. Musk included that he sees value in the digital currency in a world with cash controls and in reality as we know it where ‘paper money is going away.’
Not By Any Means The Only Tycoon Attached To This Narrative
Musk is the most latest extremely rich person to have elevated Bitcoin because of progressing macroeconomic patterns.
Paul Tudor Jones, a hedge fund manager worth over $5 billion and respected to be one of the world’s best investors, uncovered a week ago that he is putting resources into Bitcoin.
The explanation –
Like Musk, he fears the national bank reaction to the continuous downturn will make rare assets make that much more sense.