Elon Musk Thinks Bitcoin is Clever But Can’t Be the Primary Financial Database
Elon Musk, the often controversial CEO of Tesla (NASDAQ:), recently shared his thoughts on crypto and during the Third Row Tesla Podcast, saying he is generally ‘neither here nor there on Bitcoin’. However, he did concede that the Bitcoin whitepaper, written by Satoshi Nakamoto, was ‘pretty clever’.
Musk’s criticism of crypto and Bitcoin was centered around its use for legally questionable transactions, which are a major hurdle towards adoption. Different countries treat digital assets differently, but the general consensus is that crypto transactions are a threat to economic stability, since they are beyond the purview of regulators and government authorities.
The case for crypto isn’t helped by the fact that Bitcoin first rose to mainstream prominence due to the infamous Silk Road black market on the dark web. The black market was responsible for all manner of illegal transactions, specifically involving drugs.