For the third time in a few months, Tesla CEO Elon Musk decided to name Bitcoin on Twitter.
This time around, Musk shocked the industry, writing that the leading cryptocurrency looks “solid” when compared to fiat money.
Bitcoin is better than fiat? Elon Musk weighs
In response to “Harry Potter” author JK Rowling, Elon Musk noted just minutes ago that he believed that the “massive currency spending” by governments and central banks made Bitcoin “look solid by comparison”.
Quite a lot, although massive currency spending by state central banks makes Bitcoin Internet money look solid by comparison
– Elon Musk (@elonmusk) May 15, 2020
Musk’s point is legitimate. As bitcoin programmer Jimmy Song observed, the US dollar (M2) inventory has grown by $ 2.3 trillion in three months – possibly the fastest growth in fiat money ever.
The Twitter post mentioned above is the latest comment from many Musk in favor of cryptocurrency.
In an interview with ARK Invest in early 2019, the CEO of Tesla and SpaceX said he thought the structure of Bitcoin was “pretty brilliant”. Musk added that in a world with currency controls and in a world where “paper money is gone,” he sees value in cryptocurrency.
Not the only billionaire attached to this tale
Musk is the latest billionaire to promote Bitcoin in response to ongoing macroeconomic trends.
Paul Tudor Jones, a hedge fund manager valued at over $ 5 billion and considered one of the best investors in the world, announced last week that he is investing in Bitcoin.
The reason: Like Musk, he fears the central banks’ response to the ongoing recession will make scarce assets more meaningful.
“I am not an advocate of Bitcoin ownership in isolation, but I recognize its potential at a time when we have the most unorthodox economic policies in modern history. We therefore have to adjust our investment strategy. […] At the end of the day, the best strategy to maximize profits is to have the fastest horse. “I’m forced to predict, my bet is that it will be Bitcoin,” Jones wrote in a report.
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