The buzz that Bitcoins have been making lately is quite hard to ignore. Famous celebrities are openly supporting the use of Bitcoins and blockchain. Most of us have an idea about Bitcoins, and you will get more ideas if you read this article of mine.
However, if you are a new investor, then you should know the nitty-gritty of what Bitcoins are and how they work. It also has turned out to be a lucrative investment option as the returns are very high.
But the thing to note here is Bitcoins are highly volatile, and the value increases and decreases almost every hour. And also, it is decentralized and does not have any legal backing. People are purchasing Amazon Gift Cards from the bitql app to buy Bitcoins.
Elon Musk’s Recent Statement
Elon Musk, the CEO of SpaceX and Tesla, is one of the top 5 richest men on the planet. He has always been a fan of innovative technology that could help people improve their lives.
You must follow the policies of the great entrepreneur Elon musk. Bitcoin holdings are less with Elon Musk. He just owns a small fraction of one bitcoin. Recently on Twitter, he said that he does not have any cryptocurrency other than .25BTC that his friend sent him a few years ago.
Elon Musk made this statement to let everybody know that he does not have a lot of Bitcoins with him as in the crypto ecosystem, a lot of hackers and thieves are posing as Elon Musk as trading with other investors. He made this revelation just to warn the investors.
Entrepreneurs and multi-millionaires with long vision have realized the potential that Bitcoins have and, therefore, publicly creating crypto funds and talking about trading and buying Bitcoins. But there is also a flip side to this coin; people who used to talk in favor of Bitcoins have started to become cynics.
Is Elon Musk a Bitcoin cynic?
His recent statement came as a shock to a lot of people, especially the ones that actively trade in Bitcoins because his recent statement totally contradicts whatever he has said in the past. In 2017, Elon Musk was rumored to be Satoshi Nakamoto, But Elon Musk denied the rumors.
The rumors were sparked by Sahil Gupta, a former intern of SpaceX. He said that Elon Musk was a self-taught polymath and that he has kept himself updated in all fields by reading books and thus could have invented Bitcoins.
The true identity of Satoshi Nakamoto was never revealed, and a large section of people believe that big entrepreneurs and CEOs like Bill Gates and Elon Musk could be Satoshi Nakamoto.
What Does Elon Musk really Think About Bitcoins?
Lately, Elon Musk has been quite skeptical about Bitcoins, which contradicts everything he used to stand for. When the COVID-19 pandemic hit, the value of Bitcoins fell drastically, and ever since then, Elon Musk, along with a few other billionaires, changed their opinions about Bitcoins.
Bitcoins’ ridiculous price movements and lack of regulation have made a lot of celebrities change their opinions about it. For instance, Billionaire Charlie Munger, CEO of Berkshire Hathaway, criticized bitcoins by saying that Bitcoin is a deadly poison and mocked the media for holding Bitcoins in bright light.
Likewise, Charlie Munger’s boss, multi-billionaire Warren Buffet said that Cryptocurrency is soon to meet a tragic end. According to him, Cryptocurrency is in its growing stage, and the chances are high that its volatility will rise.
Elon Musk has made it pretty clear that he is not a fan of Bitcoins anymore, especially when the value of Bitcoins drastically fell during the COVID-19 pandemic situation.
He has turned into a critic, which has been made very clear by his recent statement on Twitter. So, all in all, it’s safe to say Elon Musk, the CEO of SpaceX and Tesla, is a cynic of Bitcoins. You must consider these factors while you are dealing in Bitcoins in 2020. You cannot consider things for granted here.