It was a day that celebrities mentioned Bitcoin.
After JK Rowling – the multi-billion dollar author of the Harry Potter book series – asked Crypto Twitter to explain what Bitcoin was – Elon Musk joined the fun and publicly commented on the leading cryptocurrency for the fourth time in a few months.
Elon Musk: I only own 0.25 bitcoin
On Friday, Rowling stated that she thinks Bitcoin is a whole lot of “blah blah blah”.
Musk replied “quite a lot” but added that he believed the “massive currency spending” by governments and central banks made Bitcoin “look solid by comparison”.
Quite a lot, even though massive currency issuance by state central banks is making Bitcoin the internet? Money looks solid by comparison
– Elon Musk (@elonmusk) May 15, 2020
His point is justified.
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.
At the same time, the Federal Reserve’s balance sheet has soared to a new all-time high of over $ 6.9 trillion, underscoring the value of a scarce asset that cannot be manipulated by a central authority.
Aside from Musk’s latest comment, he claimed that he still only owns .25 bitcoin that a friend gave him, worth about $ 2,250 at the time of this writing.
Crypto community is still celebrating Musk’s comment
While Musk is far from being a dedicated bitcoiner as some had hoped he was, his comment on the relative solidity of bitcoin versus fiat currencies has been hailed by the community.
With over 34 million followers, Musk’s latest jab about Bitcoin has already garnered 5,000 likes, 1,200 retweets and 450 comments – most of them from cryptocurrency investors cheering on the Tesla CEO.
There is good reason for this excitement: he may not be an investor, but he is a bit optimistic about cryptocurrencies as a whole.
On an episode of ARK Invest’s podcast in early 2019, Musk told investor Cathie Wood that he thought the structure of Bitcoin was “pretty brilliant” before adding that Ethereum and “maybe some of the others” had merit too.
According to previous reports from NewsBTC, the CEO of Tesla and SpaceX added that BTC is interesting because it allows consumers to bypass currency controls in countries embroiled in financial and political conflicts:
“Yes. It bypasses currency controls. Yes. Paper money is disappearing, and crypto is a far better way of transferring value than pieces of paper, that’s for sure.”
In another podcast, he added that he recognized that Bitcoin was able to facilitate illegal (but not necessarily immoral) transactions.
However, it remains to be seen whether his interest in Bitcoin as a theory will lead him to enter the field as an investor or entrepreneur.
But there is a picture on the internet of him holding a book about Bitcoin, which leads many in the world to believe that he is into cryptocurrency behind closed doors.
Photo from SpaceX on Unsplash