Elon Musk Suggests BTC Could Cure Loose Monetary Policies

Elon Musk suggests that BTC could cure the loose monetary policies which are imposed by the world’s central banks so let’s read more about it in today’s BTC news.

Tesla’s CEO Elon Musk suggests that Bitcoin could potentially be the cure for loose monetary policies as he disputed the claim that money is just a tool so moving value across space and time is made easier:

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

I’ll tell you one thing, I’m never turning down getting paid in bitcoin again.

— Ben Mezrich (@benmezrich) January 8, 2021

A user under the name Cerebrus chimed n and explained why BTC is different and that it doesn’t have to fulfill the same functions as money have:

 “Bitcoin. Least-error; longest/toughest/oldest blockchain, most secure due to phenomenally gigantic hashrate.

Granted; it has latency and transaction costs. But if used as a store of value and transmission of large values, it is massively efficient. Currencies already work as currencies; Bitcoin need not replace them. Rather, BTC is a patch to fix reserve banks’ inflationary insanity.”

The world’s second-richest person seems to agree with this argument. His recent exchange on Twitter came right after the tech magnate replied to a tweet by Ben Merzich who said he will never turn down again the chance to be paid in BTC. In the past two months, Musk displayed some ambivalence towards BTC but the tech billionaire tweeted back in December a meme that suggested that it is difficult to remain productive while ignoring Bitcoin. On the same day, he said that BTC is equal to traditional currencies:

 “Bitcoin is almost as BS as fiat money.”

As reported previously, Elon Musk asked crypto twitter and the Bitcoin community whether DOGE is a valid cryptocurrency. A few minutes of his tweet, it got thousands of rewets, likes, and comments when he asked whether Dogecoin is really a valid form of currency. The tweet was a response to a meme that was shared yesterday which shows a sandstorm engulfing a city name “Dogecoin standard” while the city was named “Global financial system.” It was a joke but the people in the Bitcoin community took this as a sign that Musk could get more knowledge about the leading cryptocurrency.