Monday, May 10, 2021

Elon Musk Shares His Thought about Bitcoin (BTC) and Money

Parallax Digital founder, Robert Breedlove decided to offer a bit of Bitcoin enthusiasts’ wisdom to Elon Musk when reacting to the tweet by the popular crypto writer Ben Mezrich, the author of the bestselling book “Bitcoin Billionaires”. Recall that Elon Musk, who is currently the richest man in the world, had admitted that he wouldn’t turn down getting paid in Bitcoin.

Robert Breedlove Imparts Elon Musk about the Capability of Bitcoin (BTC)

Stopping at Elon Musk’s tweet, where he confessed his interest in getting paid in Bitcoin (BTC), he said money exists for moving value through space and time. He thinks the precious metal Gold can only do it through time, while fiat currencies can do it through space. He then concluded that Bitcoin is the best option for both.

Read Also: Elon Musk’s Favorite Digital Token Dogecoin (DOGE) Surged By 120%

This assertion caught the billionaire’s attention. In response, Musk said it’s not moving value that matters but the production of goods and services.

According to Musk, money should be considered from an information theory point of view, since it’s an information system for labor allocation. He concluded by stating that the system with fewer flaws is the best.

Elon Musk tweeted, “The thing we call money is just an information system for labor allocation. What actually matters is making goods & providing services. We should look at currencies from an information theory standpoint. Whichever has least error & latency will win.”

Read Also: What Elon Musk Says About Sighting of a Bitcoin ATM at Tesla Gigafactory in Nevada

Elon Musk Won’t Reject Payments in Bitcoin (BTC)

Over the years, Bitcoiners have been dreaming of converting Elon Musk into the world of Bitcoin investment. Nobody can ascertain if such efforts have yielded a positive result since he has not publicly revealed his Bitcoin portfolio.

Elon Musk is currently the richest man in the world as per recent data and it will be a huge motivation if one of the most influential persons in the world joins the Bitcoin bandwagon.

In the buildup to the tweet above, he said he won’t decline payments in Bitcoin (BTC). Musk has been like that for quite a long time. But such is much of sarcasm than being serious about adopting Bitcoin’s value and capability.

He has oftentimes posted tweets featuring Bitcoin and Dogecoin (DOGE). Once for Ethereum (ETH) too.

Read Also: Elon Musk Says Dogecoin (DOGE) Is Inevitably the Standard of Global Financial System

He recently admitted that Bitcoin has become his safeword, but the coin that takes most of his attention at the moment is Dogecoin (DOGE).

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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