- Elon Musk thinks that crypto could be “the future currency of earth.”
- Speaking to a group of fans in LA, he said it was guesswork trying to ascertain whether Dogecoin and other digital currencies would survive.
- He also warned against speculation.
Elon Musk thinks that crypto could be the future, though he’s unsure whether Dogecoin will be the winning currency. He also warned against speculation.
Musk Clarifies Crypto Stance
Elon Musk has clarified his stance on cryptocurrencies.
In a recent video clip, Musk appeared to address questions from fans regarding his thoughts on crypto. He said:
“There’s a good chance that crypto is the future currency of earth.”
Originally posted by The Hollywood Fix, the clip was taken outside of LA restaurant BOA Steakhouse on Friday night. Musk shared his thoughts while signing autographs for the fans.
He said that there could be “multiple” cryptocurrencies that last in the long run. He also warned about the risks of investing in a speculative asset class. One fan replied, “so, disposable income is OK?”
Musk replied by urging him not to “bet the farm on crypto.”
When asked about Dogecoin, he said that “fate loves irony,” referring to the currency’s inception as a joke project. Musk used the same phrase in a Clubhouse stream last week. During that discussion, he said that Bitcoin was close to reaching “broad acceptance.”
Musk has been known for his advocacy of cryptocurrencies, most notably Dogecoin. Several posts on his Twitter page have helped pump the token’s price, and the Bitcoin market also responded by pumping the asset’s price by 20% when he changed his bio to read “#bitcoin.”
To date, Musk’s thoughts on crypto have largely been taken as a joke. Based on his comments in the latest video clip, however, he may genuinely see a future where crypto is used by billions of people worldwide.
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