Elon Musk is tacked: “I’m in favor of Bitcoin”

Elon Musk, the world-renowned CEO of Tesla and SpaceX, is also on board. He said during an interview that he is in favor of Bitcoin these days. The commotion surrounding the online community r/Wallstreetbets and the shares of GameStop seems to have been a turning point for him. “In hindsight, it was inevitable ,” Musk said.

Last week’s commotion in the stock market around the online community r/Wallstreetbets and the shares of GameStop made an impression on many. In a rare moment of unity, everyone across the political spectrum seemed to agree that normal people lost out in favor of Wall Street big business.

For tech entrepreneur Elon Musk, it seems to have been the last straw. On Twitter, he changed his profile text for a few days into a powerful statement: #bitcoin. In doing so, he followed the example of Jack Dorsey, the CEO of Twitter and Square. Per tweet, Musk stated, “In hindsight, it was inevitable.”

#bitcoin

Elon Musk explained in a podcast via Club House. “I have to be careful what I say here, because some things can move the market quite a bit,” he begins cautiously. He says that many of his friends have been trying to interest him in Bitcoin for a long time. One of them even gave him a piece of cake with a Bitcoin logo on it in 2013. “Obviously I should have bought some bitcoin eight years ago,” he says with a laugh.

He now seems to understand that they were simply trying to get through to him. “What else should they have done? Jeez, talk about arriving late to the party,” he jokes further. “So I was a bit slow on my understanding, my apologies, but, and I think about it quite a bit, I think Bitcoin is a good thing right now. So I’m in favor of Bitcoin.”

?ǣLike I said, late to the party, but I am in favor of Bitcoin,?ǥ he reiterated, ?ǣand I think Bitcoin is really on the cusp of being widely accepted by people of conventional finance.?ǥ . He probably refers to the increasing interest of institutional parties, banks and payment services such as PayPal, Square and VISA.

He says he does not have a strong opinion about other crypto currencies. ?ǣSometimes I make jokes about Dogecoin, but they are really meant as a joke,?ǥ he explains. “But Dogecoin was also created as a joke, to poke fun at cryptocurrencies.”

Elon Musk & Bitcoin

Elon Musk and Bitcoin have some history. The South African tech entrepreneur co-founded PayPal and amassed a fortune when the payment service was bought by eBay. Since then he started several high-profile and innovative tech companies such as the electric car manufacturer Tesla and the aerospace company SpaceX. Today, he is (occasionally) the richest man on the planet. Because of his reputation as a pioneer and visionary, many in the Bitcoin community have long hoped that he will join Bitcoin.

Overenthusiastic Bitcoin aficionados have therefore been harassing his social media accounts for years in the hope of convincing him – probably with the opposite effect. Scammers also regularly pounced on his tweets with fake responses about fraudulent free giveaways. However, apart from a few funny tweets here and there, Musk seemed to have little interest in Bitcoin.

That may have changed in December. Musk’s jokes then caught the attention of Michael Saylor, the CEO of MicroStrategy. MicroStrategy exchanged their dollar reserves for bitcoin in 2020 and invested a total of more than a billion. Saylor suggested that Musk would make his shareholders very happy if he converted Tesla’s balance sheet to bitcoin as well.

“Are such large transactions even possible?” Musk asked at the time, to which Michael Saylor replied, “Yes. I’ve bought over $1.3 billion in BTC in the last few months and I’m happy to share my playbook with you offline – from one rocket scientist to the next.” And, perhaps: from one billionaire to another.

Then it fell silent, but some speculate that the conversation continued in private. Michael Saylor prefers not to comment on that. However, Saylor is one of the most outspoken Bitcoin evangelists and it is not inconceivable that during any conversations he also explained the other aspects of Bitcoin: decentralization, censorship resistance , sovereignty, inflation-proof, a level playing field for rich and poor , non-manipulable, worldwide and freely accessible to everyone.

Perhaps that is why Musk suddenly felt the penny last week, when ordinary GameStop investors of an internet forum were apparently being thwarted on a large scale by the established order and the stock markets seemed crazier than ever. But, maybe it can be structurally different: decentralization. If no one is in control, no one can gain an unfair advantage and you don’t have to trust anyone. Bitcoin!

Football legend Johan Cruijff once spoke the legendary words: “You will only see it when you realize it” . Elon Musk may have meant something similar when he concluded, “In hindsight, it was inevitable.”

s: Heisenberg Media, license CC BY 2.0

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