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Elon Musk Taps Crypto as the Future of Currency on Earth

2 mins
7 February 2021, 19:15 GMT+0000
Updated by James Hydzik
7 February 2021, 19:15 GMT+0000
In Brief
  • Elon Musk says cryptocurrencies could become the new world currency in the future.
  • The comments follow a months-long cryptocurrency endorsement by the tech billionaire.
  • Giants of the traditional world also look to the cryptocurrency industry for new technology.
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Tesla CEO Elon Musk thinks there’s “a good chance” cryptocurrencies will be the future of money on Earth.

The Global Cryptocurrency System

Elon Musk, the world’s richest man, said in a video recorded by The Hollywood Fix that “there’s a good chance cryptocurrency is the future currency of Earth”.

Further, in the video, which lasted under two minutes, the eccentric billionaire went on to suggest it could easily be several cryptocurrencies that see mass adoption.

His words were followed by candid advice not to over-speculate in the cryptocurrency market.

“But it should be considered speculation at this point. And, so, don’t go too far on the crypto-speculation front”

Elon Musk – Tesla CEO

The comments come as Bitcoin (BTC) regained momentum yesterday. This saw the top-cryptocurrency push towards $41,000 in a determined attempt to set a new all-time high.

The top cryptocurrency currently trades at $37,992.84.

Elon Tweets, Crypto Eats

Despite the words of warning, Musk is not shy about his endorsement of the cryptocurrency space. In an event described as “inevitable”, the billionaire changed his Twitter bio to “#bitcoin”.

This triggered the top cryptocurrency to rally, breaking weeks of inactivity.

Musk also “supports” the cryptocurrency world’s favorite canine-themed token; Dogecoin (DOGE). The billionaire regularly tweets DOGE-related memes to his followers on Twitter, including an interesting Christmas greeting.

A tweet on Dec. 20 last year, in which Musk wrote: “One word: Doge”, gave the meme-coin a surprisingly large boost, climbing over 100%.

The billionaire’s tweets’ effect on the cryptocurrency market prompted a recent study by the Blockchain Research Lab (BRL). In it, researchers found that on two occasions, Musk’s tweets led to “significant abnormal returns” for both Bitcoin (BTC) and DOGE.

However, it also warned of the impact influencers have on prices in the cryptocurrency market.

But is There Growing Support?

Nevertheless, support is growing for the industry. If not already demonstrated by the space’s $1.2 trillion valuation, then just look at the speed and size of new entrants.

The U.S. Federal Reserve recently announced a pilot scheme for its FedNow instant payment services. The pilot scheme includes a number of innovators, including Ripple (XRP) partner Volante Technologies.

Moreover, both Visa and PayPal are active in the scene, with the latter recently allowing users to trade cryptocurrencies on its platform. This resulted in record use of the platform just days after the new feature’s launch.

As, the market heats up once more, expect more such launches and more Elon tweets.


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