Tesla founder responded to bitcoin skeptic and gold advocate Peter Schiff regarding what is real money by taking the side of cryptocurrency.
The CEO of Euro Pacific Capital referred to a recent tweet by Musk, in which he called Bitcoin “as rubbish as fiat.”
“I agree and just think that bitcoin, which is digital fiat, is even more bullshit than fiat fiat issued by central banks. Gold is not bullshit. This is real money and better than both! ”- said Schiff.
An email saying you have gold is not the same as having gold. You might as well have crypto.
Money is just data that allows us to avoid the inconvenience of barter.
That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
— Elon Musk (@elonmusk) February 20, 2021
An email saying you own gold doesn’t mean you physically own the metal, Musk said in response. You can own cryptocurrency in the same way, he added.
“Money is just data that allows us to avoid the inconvenience of bartering. This data, like everything, is prone to delays and errors. The system will evolve to the point that minimizes both, ”- concluded the head of Tesla.
In early February, it became known that his company was investing in bitcoin in the amount of $ 1.5 billion. Musk recently called these investments “risky enough” and hinted that it was not his decision.
However, the founder of Tesla and SpaceX has supported the first cryptocurrency on Twitter on more than one occasion. For example, he previously posted a bitcoin hashtag in his profile description. The day before, Musk joined a flash mob with a reference to the rise in the price of an asset to $ 100,000.
In October, Schiff said the speculative bubble around the first cryptocurrency was outstripping the hype in the dot-com and mortgage markets.
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