Elon Musk Says Paper Money Going Away, Bitcoin Far Better
It seems like 2018 and now 2019 have been the best years by far for the cryptocurrency space in terms of getting more and more mainstream adoption and attention from the prominent figures of different industries.
We all know that for over a year now, prices have been tumbling and that has been the reason for the negative sentiments of the masses but in terms of the sheer amount of development, progress in adoption, greater clarity in regulations, it couldn't have been better.
Many countries are increasingly having a positive stance towards cryptocurrencies, institutional investors have started dipping their toes and could take a plunge soon, the actual usage in terms of transaction volume is increasing, even grandmas and grandpas are talking about it now.
The future looks really good and my faith certainly grows stronger that cryptos are the next big thing and we will see them become as normally used as internet is today.
Musk Says Bitcoin Better Than Paper Money
In a podcast by Ark Invest, Musk stated that Bitcoin has a quite brilliant structure and that digital currencies are far better at transferring value than paper money. For all of us who have been using crypto for a while now, that is pretty obvious.
He also said that digital currencies bypass currency controls and he foresees paper money going away. This would be a huge change for the world and I can see people taking control of their money in their own hands, the more crypto is adopted. Of course fiat in its digital form would still exist, but it would only form a percentage of the money in the world.
Anyways, Musk also said that Bitcoin consumes too much energy right now and that there needs to be some kind of constraints in its creation. But I think the insane computational power requirements of Bitcoin is also why it is so secure.
Jack Dorsey, co-founder and CEO of Twitter and founder and CEO of Square (mobile payments company that supports crypto) also has a huge liking for Bitcoin and thinks that it could one day become the native currency of the internet.
It sure is exciting to see all these prominent figures talk prominently about Bitcoin and its companions and I can't wait for them to be as pervasive as internet and smartphones are today.