“When something is important enough, you do it even if the odds are not in your favor. In today’s article, we are going to analyze Elon Musk’s opinion on bitcoin. (As it may seem impossible, for anyone to not know who He is.) Elon Musk, also known as the World’s Richest man (who recently overtook Jeff Bezos) specializes in the latest technology such as Space X and Tesla. Let us see just who Elon Musk is exactly? Let us know ‘Does Elon Musk Accept Bitcoin?’.
Does Elon Musk Accept Bitcoin?
No, It does not accept Bitcoin.
Beginning journey of Elon Musk
The founder and Chief Executive Officer (CEO) and Product architect of Space X. A white South African born in Pretoria.
This man has founded as well as co-founded many different companies :
- Founded companies are Space X, Tesla, and Boring Company.
- Co-founded companies are OpenAI, Solar-city, ZIP2 ,etc.
This man’s journey began in 1999 when Elon Musk decided to pursue a career in business and worked in a startup company called ZIP2 with his brother Kimbal. Because the start-up company was successful in its business dealings with investors and clients. It was bought by Compaq for $307 million in 1999.
The hidden side of Elon Musk
There are other various facts about Elon Musk many people may not have been aware of: The “IRON MAN” movie was an inspiration-based by Elon Musk, Robert Downey Jr sought out help from Elon Musk about how a tech-savvy person’s personality should be. Elon Musk’s mother Maye Musk is the face of CoverGirl.
In an interview session, when Elon Musk was asked about his free time, he said that it is mostly spent on the engineering team studying every part of the components, how its engineering is done improving, and working on the new models of the main product.
Origin of bitcoin
A digital cryptocurrency that has no physical value, the invention of bitcoin is Satoshi Nakamoto an anonymous individual. This can be seen as an alternate source of currency, value, or income for many individuals. It does not require any programming or coding, it automatically runs on certain algorithms (better known as the bitcoin mining concept). It requires an entire computer network system for its maintenance and stability. Its value may vary from time to time, this mode of currency can be seen as a boon as well as a bane.
The secret for the “rich” getting rich: working of the bitcoin.
We know it is a form of currency, so how does this currency work especially for the rich people. Satoshi Nakamoto has made bitcoin based on three principles; decentralized network, supply and demand, and cryptography.
Decentralized network: Here, no authority is in control unlike in banks. When we are transferring bitcoin we are sending our bitcoin address from one individual to another individual through a series of monitor devices via a network. As for security, each individual has public-key cryptography that helps secures their bitcoins safely.
Supply and Demand: the value of bitcoin will depend on how much bitcoin is generated, eg: let us say a car toy is worth $5 but there is only one of it and five people want it. When something is limited the value is high, and the person with the highest demand would get the supply.
Cryptography: This was used during world war II when radio messages are converted into code to send encrypted messages. To read the message the code would have to convert back to the message, the concept of cryptography is to keep track of transactions happening between individuals and ensure security measures are taken strictly.
With Cryptography, we use to do transactions using a decentralized network and according to time variants, the demand and supply for bitcoin would vary.
Elon Musk’s view on bitcoin (Conclusion)
He stated his opinion on bitcoin that it is an excellent platform that may replace paper money and it is far better to transfer value than paper pieces, he has invested $1.5 billion in bitcoin……however after studying about bitcoin, he made a tweet on Twitter on May 12, 2021, stating that Tesla will no longer be accepting bitcoin as a mode of payment, he has stated that he has never held any bitcoin personally. The reason for declining bitcoin payment is because of the natural world “the environment” due to the rapid use of coal giving the worst emission of fuel, Elon Musk wants to create an eco-friendly world that is not only profitable for him but as well as eco-friendly for the world.
- For more information about Elon Musk’s opinion visit: https://decrypt.co/70730/elon-musks-evolving-view-of-bitcoin
At last, after a thorough analysis of Elon Musk, bitcoin, and his bitcoin views, the Verdict can be delivered as:
“Elon Musk does not accept bitcoin”
Most frequently asked questions
- What are Elon Musk’s plans for the future?
He is planning to send humans to Mars and implant a neural network in human brains. By 2025 the tesla car will be as expensive as the Apple products, by 2027 more than half of the vehicles will be electric, and by 2040 He plans to colonize Mars and begin a new civilization on it in 2060.
- Is bitcoin a scam? and if not, should I invest in it?
No, it is not a scam as stated earlier it is a form of currency that does not have an authority, first and foremost study all about bitcoin; all the pre-requites, how it works, and is it legal in your country or not if your earnings are enough to last for 1 financial year, then you can invest in bitcoin.