Connect with us

Elon Musk on the Denigration of Traditional Currency, No Mention of Bitcoin

News

Elon Musk on the Denigration of Traditional Currency, No Mention of Bitcoin

Elon Musk, the founder of Tesla, has recently talked about the problems of inflation in an interview with podcaster Joe Rogan. In the interview, the magnate opines that only production of money or sending out cheques to people will not phase out the declining economic state of the U.S.A.

Elon Musk has also condemned the deluded American notion that the supply of essentials will remain unhindered irrespective of the economic shift. Musk said this in reference to the stimulus money package that the U.S government sends out to the citizens. 

Money Alone Cannot Sustain the Economy 

The notion that the production of money alone without any production of goods and services can solve the economic crisis is wrong. Elon musk comments that it will just not work out that way as, “You can’t just legislate money and solve these things.” 

Elon Musk Fails to Mention About Bitcoin 

Although agreeing to the fact that Bitcoin is that one entity that can fix the problem of inflation, Elon Musk, throughout the interview failed to mention Bitcoin. With a limited build of 21 million coin supply, Bitcoin keeps inflation at bay.

The transcript scan of the two hours long interview shows that there is no mention of Bitcoin’s ability to prevent inflation either by Musk or Joe Rogan. Gold bug Peter Schiff too failed to mention Bitcoin while weighing in the interview via a tweet. To quote Schiff, “Once foreign demand for dollars crashes, and we can’t import the stuff others make, there’s also no stuff.”  It is seen obvious on Schiff’s part not to mention Bitcoin because he has established himself as an anti-Bitcoin personality. However, Elon Musk owns 0.25 BTC himself as per the reports of 2019. 

Continue Reading
You may also like...

I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

Comments

More in News

To Top