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October 4, 2022
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Bitcoin

Elon Musk: Bitcoin is ready for mass adoption

Yesterday an event was held at ClubHouse during which Elon Musk also talked about bitcoin.

THE event was organized by Musk himself, who had already made it clear in the last few days that his relationship with Bitcoin had reached an inflection point.

ClubHouse is a new social network based on voice messages, currently available only through an iOS app, and is having great success. Musk is not just a user, but he became an influencer in a short time and is promoting it.

During the event, he said the following about Bitcoin:

“I think bitcoin is really about to get widespread acceptance from mainstream finance people. I don’t have a strong opinion about other cryptocurrencies ”.

He also added that while many of his friends have tried to convince him to buy bitcoin in the past, he did not and is now “late for the party”.

In addition to bitcoin, he also talked about Dogecoin, confirming that he just makes occasional jokes about it.

In this regard, he said:

“Actually, Dogecoin was made as a joke to make fun of cryptocurrencies, obviously, but fate loves irony and often as a friend of mine says that the most ironic result or I would say the most fun result and the most ironic result would be Dogecoin to become the currency of the earth in the future ”.

Elon Musk and BTC as an investment

These words confirm three things that have been widely speculated in the past.

The first is that when Elon Musk talks about Dogecoin, he only does it for fun, since this cryptocurrency is basically just a joke, and Musk obviously knows that very well.

The second is that their involvement in Bitcoin is now serious and deep, given exactly what Bitcoin stands for, which is a solution developed by ordinary citizens that challenges the great traditional finances made by institutions and large investors.

The third is that bitcoin is spreading primarily as a financial asset aimed at savers and, in particular, those looking for a possible solution to the problem of rising inflationary expectations of traditional fiat currencies.

In fact, when Musk speaks of “wide acceptance”, he is in no way referring to the use of BTC as a currency for daily payments, but specifically as an investment, even by traditional finance.

Its mass adoption is likely to happen when even large holders of large amounts of fiat money decide to keep some of their reserves in BTC. If bitcoin becomes the savings currency, replacing traditional fiat currencies in that regard, its mass adoption will still be achieved, even if it never really becomes widespread as a currency for daily payments.

Source: Cryptonomist

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