Musk supported BTC as a shield against the madness of banks

by in Cryptocurrency News

Elon Musk

SpaceX founder and Tesla CEO Elon Musk has been active in Bitcoin-related discussions lately.

Recently, the author of the book "Bitcoin Billionaires" Ben Mezrich tweeted that, in the future, he will never give up receiving payments in Bitcoin. In response to a tweet from Mezrich, Musk wrote that he would also not mind receiving payment in BTC. However, this discussion continued and became even more interesting.

Although Musk's tweet was very popular, his attention was drawn to a comment from Parallax Digital CEO Robert Breedlove.

“Money is just a tool for moving value through space-time. Gold perfectly moved value in time, but not in space. Fiat is great for moving value through space, but not time. Bitcoin is optimized to move value both in space and time,” he wrote.

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Musk replied, “What we call money is simply an information system for allocating labor resources. What matters is the production of goods and the provision of services. We must look at currencies from an information theory perspective. The winner is the one with fewer errors and delays. "

In response, a Twitter user under the pseudonym Cerberus wrote, "Bitcoin has delays and transaction fees. But if it is used as a store of value and for the transfer of great value, and it is very effective. Currencies already work like currencies; bitcoin should not replace them. Rather, BTC is a patch that fixes the inflationary madness of the Reserve Banks."

“Good idea,” Musk replied.