Is China On The Verge Of A Blockchain Revolution Despite Its Crypto Ban

Tesla’s Elon Musk, one of the most successful and popular entrepreneurs, spoke about bitcoin and the entire idea of cryptocurrencies stating that the assets will not replace cash entirely but will play a vital role as we are reading further in the latest bitcoin news.

Elon Musk is mostly known for his business actions as the CEO of Tesla and SpaceX. He was the founder of PayPal which is still the most used online payment service company. Recently appearing in a podcast, he answered about the world’s biggest crypto-Bitcoin. He said initially that ‘’I’m neither here of there on bitcoin’’ but after he read the entire whitepaper he thought the idea was very smart.

Musk answered a lot of other questions on whether or not he sees Bitcoin and cryptocurrencies are a replacement or cash. He noted that they do have a role as a replacement for a primary but he doesn’t seem them being the primary database. It is also worth mentioning that he tweeted a seemingly mysterious post a few weeks ago when he said in front of his 30 million followers that ‘’Bitcoin is *not* my safe word.’’

Another popular person in the crypto community Ray Dalio talked about the largest cryptocurrency at Davos and explained that Bitcoin fails the purpose of money because of its high volatility. Musk continued explaining his views on cryptocurrencies as a whole and their involvement in illegal activities. He added:

 “This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law. And there are, obviously, many laws in different countries. And, normally, cash is used for these transactions. But, in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to the legal bridge. That’s where crypto comes in.”

Further, Tesla’s Elon Musk said that he is not judging cryptocurrencies since governments usually place too many transactions as illegal:

 “This is sometimes taken as being like I’m being judgmental about crypto, but it’s actually – there’re a lot of things that are illegal that shouldn’t be illegal. I think sometimes governments have too many laws. They shouldn’t have so many things that are illegal.”