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While Elon Musk Thinks Bitcoin Looks “Solid,” He Only Owns $2k Worth of BTC

While Elon Musk Thinks Bitcoin Looks “Solid,” He Only Owns $2k Worth of BTC

It’s been a day of celebrities mentioning Bitcoin.
After J.Ok. Rowling — the billionaire creator of the “Harry Potter” e-book collection requested Crypto Twitter to clarify to her what Bitcoin is — Elon Musk joined in on the enjoyable, publicly commenting on the main cryptocurrency for the fourth time in a matter of months. 
Elon Musk: I Only Own 0.25 Bitcoin
On Friday, Rowling acknowledged that she thinks Bitcoin is a complete bunch of “blah blah blah.”
Musk replied with “just about,” however added that he thinks the “huge forex issuance” by governments and central banks is making Bitcoin “look stable compared.”

Pretty a lot, though huge forex issuance by govt central banks is making Bitcoin Internet cash look stable by comparability
— Elon Musk (@elonmusk) May 15, 2020

His level holds advantage.
As noticed by Bitcoin programmer Jimmy Song, the inventory of U.S. {dollars} (M2) has elevated by $2.three trillion inside the span of three months — possible the quickest development of fiat cash ever.
Simultaneously, the Federal Reserve’s stability sheet has rocketed to contemporary all-time highs above $6.9 trillion, accentuating the worth of an asset that’s scarce and can’t be manipulated by a government.
Musk’s newest remark apart, he asserted that he nonetheless solely owns 0.25 Bitcoin that he acquired as a present from a good friend, price roughly $2,250 as of the time of this text’s writing.
Crypto Community Still Celebrates Musk’s Comment
While Musk is much from a dedicated Bitcoiner as some hoped he would develop into, his remark concerning the relative solidity of Bitcoin in comparison with fiat currencies has been celebrated by the neighborhood.
With over 34 million followers, Musk’s newest jab about Bitcoin has already managed to assemble 5,000 likes, 1,200 retweets, and 450 feedback — most of that are from cryptocurrency buyers cheering the Tesla CEO on.
This enthusiasm for good purpose: he will not be an investor, however he’s considerably optimistic about cryptocurrencies as a complete.
In an early 2019 episode of ARK Invest’s podcast, Musk advised investor Cathie Wood that he thinks Bitcoin’s construction is “fairly sensible,” earlier than including that Ethereum and “perhaps among the others” have advantage too.
Per earlier stories from NewsBTC, the Tesla and SpaceX CEO added that BTC is attention-grabbing because it allows shoppers to bypass forex controls in nations embroiled in monetary and political battle:
“Yeah. It bypasses forex controls. Yeah. Paper cash goes away, and crypto is a much better strategy to switch worth than items of paper, that’s for certain”
He added in one other podcast that he acknowledges Bitcoin has the power to allow unlawful (however not essentially immoral) transactions.
Whether or not his curiosity in Bitcoin as a idea interprets to him getting into the area as an investor or an entrepreneur, although, stays to be seen.
But there’s a picture on the internet of him holding a e-book about Bitcoin, main many within the area to consider that he’s dabbling in cryptocurrency behind closed doorways.
Photo by SpaceX on Unsplash

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