Elon Musk thinks the idea behind Crypto is Clever!

The biggest boost for any technology is mainly dependent on the kind of reviews that it gets from influential people in the field. With a lot of ground-breaking innovations in the Blockchain horizon, it has slowly started to attract the attention of influential entrepreneurs and business leaders.

What is Elon’s mind regarding crypto?

Recently Tesla’s very own founder, Elon Musk made a statement of the importance of Bitcoin and the Blockchain technological space.

Recently in a podcast, the successful long-day founder of PayPal resorted to the fact that Bitcoin is definitely a very genuine and clever idea. He also affirmed the base firmly also stating that it can never be a substitute to the physical currency that is primary in our day to day lives.

When Elon founded PayPal, the online payment network, many of them questioned him regarding the feasibility of such a product. Elon feels the same way about Cryptocurrency as well.

But there are drawbacks he feels!

But the Billionaire strongly feels that the involvement of crypto can greatly promote illegal transactions. He says that when it comes to laws governing financial transactions, it differs from country to country. When that happens, the probability that hard currency would be implemented in those kinds of transactions. But with cryptocurrencies being full-on full digital pathways the probability that they can be involved in illegal transactions is high.

He also says that when the laws differ from country to country, the loopholes the digital asset transactions can resort to is high. There are also many laws revolving such financial transactions that shouldn’t be illegal. He feels that countries these days have too many laws governing the financial transactions that cripple the growth of such technological feats.

He also feels that over a consolidated period of time, there will come a space where it will be extremely difficult to use cash.

The Tweet that has hidden facts!

When Elon was asked about his mysterious tweet that he had posted a few days ago, he chose to not comment on anything on the same. The successful billionaire tweeted that

Bitcoin was not his safe word. A few seconds after the tweet, the followers of the CEO of SpaceX went overboard crazy over his comments with a lot of tweets and replies flooding his tweet space.

With increased attention being given to the blockchain tech by the elite layer of the world, there can be a lot of new revelations in the near future. However, most of them don’t believe in it as they feel that Bitcoin and various other digital assets will fail money transactions because of the high volatility crypto possesses.