{"id":424108,"date":"2020-05-15T23:45:20","date_gmt":"2020-05-15T23:45:20","guid":{"rendered":"https:\/\/wncen.com\/?p=424108"},"modified":"2024-06-11T13:48:49","modified_gmt":"2024-06-11T13:48:49","slug":"while-elon-musk-thinks-bitcoin-looks-solid-he-only-owns-2k-worth-of-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/while-elon-musk-thinks-bitcoin-looks-solid-he-only-owns-2k-worth-of-btc\/","title":{"rendered":"While Elon Musk Thinks Bitcoin Looks &#8220;Solid,&#8221; He Only Owns $2k Worth of BTC"},"content":{"rendered":"<p>It&#8217;s been a day of celebrities mentioning Bitcoin.<\/p>\n<p>After J.K. Rowling \u2014 the billionaire author of the &#8220;Harry Potter&#8221; book series a<a href=\"https:\/\/wncen.com\/2020\/05\/15\/harry-potter-author-j-k-rowling-asks-please-explain-bitcoin-to-me\/\">sked Crypto Twitter to explain to her what Bitcoin is<\/a> \u2014 Elon Musk joined in on the fun, <a href=\"https:\/\/wncen.com\/2020\/05\/02\/elon-musk-drops-bitcoin-bomb-twitter-once-more\/\">publicly commenting on the leading cryptocurrency for the fourth time in a matter of months.\u00a0<\/a><\/p>\n<h2><strong>Elon Musk: I Only Own 0.25 Bitcoin<\/strong><\/h2>\n<p>On Friday, Rowling stated that she thinks Bitcoin is a whole bunch of &#8220;blah blah blah.&#8221;<\/p>\n<p>Musk <a href=\"https:\/\/twitter.com\/elonmusk\/status\/59030529\" rel=\"nofollow\">replied\u00a0<\/a>with &#8220;pretty much,&#8221; but added that he thinks the \u201cmassive currency issuance\u201d by governments and central banks is making Bitcoin \u201clook solid in comparison.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet \ud83d\udc7b money look solid by comparison<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/59030529?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 15, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>His point holds merit.<\/p>\n<p>As <a href=\"https:\/\/twitter.com\/jimmysong\/status\/01801740\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener nofollow\">observed by Bitcoin programmer Jimmy Song<\/a>, the stock of U.S. dollars (M2) has increased by $2.3 trillion within the span of three months \u2014 likely the fastest growth of fiat money ever.<\/p>\n<p>Simultaneously, the Federal Reserve&#8217;s balance sheet has rocketed to<a href=\"https:\/\/wncen.com\/2020\/05\/15\/bullish-crypto-federal-reserves-balance-sheet-explodes-7-trillion\/\"> fresh all-time highs above $6.9 trillion,<\/a> accentuating the value of an asset that is scarce and cannot be manipulated by a central authority.<\/p>\n<p>Musk&#8217;s latest comment aside, he asserted that he still only owns 0.25 Bitcoin that he got as a gift from a friend, worth approximately $2,250 as of the time of this article&#8217;s writing.<\/p>\n<h2>Crypto Community Still Celebrates Musk&#8217;s Comment<\/h2>\n<p>While Musk is far from a committed Bitcoiner as some hoped he would become, his comment about the relative solidity of Bitcoin compared to fiat currencies has been celebrated by the community.<\/p>\n<p>With over 34 million followers, Musk&#8217;s <a href=\"https:\/\/twitter.com\/elonmusk\/status\/59030529\" rel=\"nofollow\">latest jab about Bitcoin<\/a> has already managed to gather 5,000 likes, 1,200 retweets, and 450 comments \u2014 most of which are from cryptocurrency investors cheering the Tesla CEO on.<\/p>\n<p>This enthusiasm for good reason: he may not be an investor, but he&#8217;s somewhat optimistic about cryptocurrencies as a whole.<\/p>\n<p><a href=\"https:\/\/ark-invest.com\/research\/podcast\/elon-musk-podcast\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow noopener noreferrer\">In an early 2019 episode of ARK Invest\u2019s podcast,<\/a>\u00a0Musk told investor Cathie Wood that he thinks Bitcoin\u2019s structure is \u201cquite brilliant,\u201d before adding that Ethereum and \u201cmaybe some of the others\u201d have merit too.<\/p>\n<p>Per\u00a0<a href=\"https:\/\/wncen.com\/2019\/02\/20\/billionaire-elon-musk-bitcoin-quite-brilliant-tesla-crypto\/\" data-wpel-link=\"internal\">previous reports from NewsBTC,<\/a>\u00a0the Tesla and SpaceX CEO added that BTC is interesting as it enables consumers to bypass currency controls in nations embroiled in financial and political conflict:<\/p>\n<blockquote><p>\u201cYeah. It bypasses currency controls. Yeah. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that\u2019s for sure\u201d<\/p><\/blockquote>\n<p>He added in another podcast that he acknowledges Bitcoin has the ability to enable illegal (but not necessarily immoral) transactions.<\/p>\n<p>Whether or not his interest in Bitcoin as a theory translates to him entering the space as an investor or an entrepreneur, though, remains to be seen.<\/p>\n<p>But there&#8217;s an image on the web of him holding a book about Bitcoin, leading many in the space to believe that he&#8217;s dabbling in cryptocurrency behind closed doors.<\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@spacex?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">SpaceX<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/rocket?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s been a day of celebrities mentioning Bitcoin. After J.K. Rowling \u2014 the billionaire author of the &#8220;Harry Potter&#8221; book series asked Crypto Twitter to explain to her what Bitcoin is \u2014 Elon Musk joined in on the fun, publicly commenting on the leading cryptocurrency for the fourth time in a matter of months.\u00a0 Elon Musk: I Only Own 0.25 Bitcoin On Friday, Rowling stated that she thinks Bitcoin is a whole bunch of &#8220;blah blah blah.&#8221; Musk replied\u00a0with &#8220;pretty much,&#8221; but added that he thinks the \u201cmassive currency issuance\u201d by governments and central banks is making Bitcoin \u201clook solid in comparison.\u201d Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet \ud83d\udc7b money look solid by comparison &mdash; Elon Musk (@elonmusk) May 15, 2020 His point holds merit. As observed by Bitcoin programmer Jimmy Song, the stock of U.S. dollars (M2) has increased by $2.3 trillion within the span of three months \u2014 likely the fastest growth of fiat money ever. Simultaneously, the Federal Reserve&#8217;s balance sheet has rocketed to fresh all-time highs above $6.9 trillion, accentuating the value of an asset that is scarce and cannot be manipulated by a central authority. Musk&#8217;s latest comment aside, he asserted that he still only owns 0.25 Bitcoin that he got as a gift from a friend, worth approximately $2,250 as of the time of this article&#8217;s writing. Crypto Community Still Celebrates Musk&#8217;s Comment While Musk is far from a committed Bitcoiner as some hoped he would become, his comment about the relative solidity of Bitcoin compared to fiat currencies has been celebrated by the community. With over 34 million followers, Musk&#8217;s latest jab about Bitcoin has already managed to gather 5,000 likes, 1,200 retweets, and 450 comments \u2014 most of which are from cryptocurrency investors cheering the Tesla CEO on. This enthusiasm for good reason: he may not be an investor, but he&#8217;s somewhat optimistic about cryptocurrencies as a whole. In an early 2019 episode of ARK Invest\u2019s podcast,\u00a0Musk told investor Cathie Wood that he thinks Bitcoin\u2019s structure is \u201cquite brilliant,\u201d before adding that Ethereum and \u201cmaybe some of the others\u201d have merit too. Per\u00a0previous reports from NewsBTC,\u00a0the Tesla and SpaceX CEO added that BTC is interesting as it enables consumers to bypass currency controls in nations embroiled in financial and political conflict: \u201cYeah. It bypasses currency controls. Yeah. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that\u2019s for sure\u201d He added in another podcast that he acknowledges Bitcoin has the ability to enable illegal (but not necessarily immoral) transactions. Whether or not his interest in Bitcoin as a theory translates to him entering the space as an investor or an entrepreneur, though, remains to be seen. But there&#8217;s an image on the web of him holding a book about Bitcoin, leading many in the space to believe that he&#8217;s dabbling in cryptocurrency behind closed doors. Photo by\u00a0SpaceX\u00a0on\u00a0Unsplash<\/p>\n","protected":false},"author":497,"featured_media":424109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8375],"class_list":["post-424108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-elon-musk"],"acf":[],"yoast_head":"\n<title>While Elon Musk Thinks Bitcoin Looks &quot;Solid,&quot; He Only Owns $2k Worth of BTC<\/title>\n<meta name=\"description\" content=\"It&#039;s been a day of celebrities mentioning Bitcoin. After J.K. 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