Elon Musk Thinks Crypto Could Be a Replacement for Cash

Billionaire, SpaceX and Tesla CEO Elon Musk is also known for his cryptic tweets on crypto and Bitcoin (BTC), but on January 20, he talked about where he’s standing when it comes to these matters.

He mentioned that he’s “neither here nor there” when it comes to BTC, and that the stablecoin is being used for illegal transactions. Let’s not forget his Tweet from January 10, in which he said BTC is not his safe word, after in April 2019 he tweeted about cryptocurrency being his safe word.

Musk Has Connections with the Financial Technology Industry

While Musk’s tweets were considered to be jokes, seeing he also tweeted “Tesla private at $420”, his history with the financial technology industry is pretty vast. Back in 1999, he founded an online bank called X.com, which later merged with PayPal. After being asked about the spiritual similarities between BTC and X.com, he said he’s “neither here nor there on Bitcoin.”

Crypto Transactions not Within the Bounds of Law

Talking about Satoshi’s white paper, he said that it’s pretty clever. When it came to his stance on cryptocurrencies, he mentioned this could get people in the industry angry and added that:

“There are transactions that are not within the bounds of the law — there are obviously many laws in different countries — and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.”

Musk also talked about how cash is harder and harder to use. He said an alternative would have to be used for illegal purposes too because otherwise, it wouldn’t count. While he didn’t seem convinced by cryptocurrencies, he seems to see their purpose:

“You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].”

Musk Isn’t Judgmental About Crypto

In spite of the fact that he mentioned it’s being used for illegal transactions, Musk wanted to mention he’s not at all judgmental about crypto and that governments overreach when it comes to some aspects.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,067.7459 change ~ -0.25%

Coin Market Cap

$167.06 Billion

24 Hour Volume

$2.81 Billion

24 Hour VWAP

$9.12 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today