Elon Musk reveals his true opinion on Bitcoin and cryptocurrencies

After a long, coded series of Tweets on Bitcoin (BTC), SpaceX CEO and Tesla Elon Musk explained his position on cryptocurrencies on January 20. Noting that he is "neither a supporter nor a opponent of Bitcoin," Misk focused on its use of illegal transactions.

The billionaire recently spun under the spotlight after many short and coded tweets related to cryptocurrencies. On January 10, he posted a tweet saying "Bitcoin is * not * my password."

This is followed by a similarly encrypted tweet from April 2019, in which it says, "Cryptocurrencies is my safety word."

But although they are generally considered jokes, especially in light of previous tweets as he pledged to allocate "Tesla worth $ 420," Misk's ancient history is deeply connected to the financial technology sector.

In 1999, he founded Elon Musk X.com, an online bank that has become through Paypal's subsequent mergers. He mentioned the company in the podcast, noting that:

"If Paypal had implemented the plan that I wanted to implement, I think it will be the most valuable company in the world."

The interviewers then asked about Misk's opinion of bitcoin and cryptocurrencies, given their spiritual similarity to X.com. Musk replied, "He is neither a supporter nor a opponent of Bitcoin."

While he was referring to Satoshi's official report as "very smart", he began by saying that his position on cryptocurrencies "angered cryptocurrency advocates." He continued:

"There are transactions that are not within the limits of the law - obviously there are many laws in different countries - and cash is usually used for these transactions. But for illegal transactions to happen, you must also use cash for legal transactions. You need an illegal to legal bridge. Here comes the role of cryptocurrencies. "

Musk also noted that it is increasingly difficult to use cash, but any alternative must be usable for legal and unlawful purposes, as "this is not a different matter."

Although it may not be fully sold on cryptocurrencies, Musk sees a clear purpose for it:

"You must have a legal bridge to an illegal one. So I see cryptocurrencies as an alternative to cash. But I don't see cryptocurrencies as the primary database for [transactions]."

Despite the negative connotation of use for unlawful purposes, he stressed that he "does not" pass judgment on cryptocurrencies. " Where Musk believes that governments overcome certain aspects:

"I think there are a lot of illegal things that should not be illegal. And I think sometimes governments have a lot of laws regarding the tasks that they should have, and they shouldn't have a lot of illegal things."

And while he's not quite a pro, Musk is not the exact opposite of cryptocurrencies. And in an earlier part of the interview, he said that "banks are in trouble" - although he referred primarily to competitors like Stripe.