Here’s a real case scenario of you should do what you preach, and it’s related to the latest comment from Elon Musk. According to PayPal’s co-founder, the only Bitcoin he owns is 0.25 BTC (about $900) which a friend sent to him some years ago. Musk also made mention that early hodlers of Bitcoin deserve a Nobel prize.
Elon Musk Said Cryptocurrency Will Replace Paper Money
Elon Musk’s remarks when it comes to the cryptocurrency industry gives people the impression that he is in total support. The entrepreneur in an interview with ARK Invest on February 19 stated that cryptocurrency would replace fiat. Musk also said in comparison with paper money; it is better to transfer value with these virtual assets since they bypass currency control.
Nevertheless, the CEO of Tesla decided to contradict his statements when he made a tweet about Coindesk’s post. The latter had informed of Musk’s comment relating to virtual currencies. The CEO’s response was, “That said, I still only own 0.25 BTC, which a friend sent me several years ago. Don’t have any crypto holdings.”
Expectations From Reputable Members of the Industry
While some may find that hilarious, others may be disappointed given that reputable members of the industry may be expected to be at the forefront of adoption. Therefore, Musk’s revelation makes people read a different meaning to his earlier comments. Is he actually in support of these assets? If so, why doesn’t he have a portfolio of them? We’re yet to know.
Alternatively, Musk noted that early hodlers of Bitcoin deserve a Nobel prize in delayed gratification. In his opinion, it has been ten years already since Bitcoin was launched, yet there has been no large-scale adoption. The entrepreneur also stated that one of the downsides of cryptocurrencies is their energy intensiveness in regards to computation.
Twitter Users Make Suggestions
Twitter users, on the other hand, have made suggestions. Notable among them is that the Bitcoin’s Lightning Torch should be passed to Musk. The torch is a trend where 10,000 satoshis are added to the amount received by an individual before being sent to a trusted person. So far, the likes of Jack Dorsey, Twitter’s CEO and Justin Sun, Tron’s CEO, have been torchbearers.
On that note, Fidelity digital assets were also one of the torchbearers. The latter is a subsidiary of Fidelity Investments, a platform that plans on launching its cryptocurrency custody service in March. There are expectations that Fidelity will encourage institutions to invest in the crypto market. Possibly this will lead to the large-scale adoption which Musk had pointed out as lacking.