U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Elon Musk Says He Sees Cryptocurrencies as Replacement for Cash

News
Thu, 01/23/2020 - 17:45
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Tesla CEO Elon Musk is not overly enthusiastic about Bitcoin (BTC) but he believes that it could replace obsolete cash

Cover image via www.instagram.com
Contents

Elon Musk, the CEO of Tesla and SpaceX, recently appeared on the Third Row Podcast Tesla podcast where he talked about Bitcoin, among many other things. 

Musk believes that crypto could potentially replace cash but it wouldn't work as a replacement for databases.  

"So, where I see crypto is respectively as a replacement for cash. [...] I do not see crypto being a primary database," he said.

Must Read
Bitcoin (BTC) Is Not My Safeword: Elon Musk - READ MORE

Musk's crypto journey 

The eccentric billionaire has obviously been interested in this topic for quite some time, whether he has wanted it or not. As reported by U.Today, his famous name has been routinely targeted by crypto scammers.     

During his podcast interview with ARK invest, Musk called Bitcoin "quite brilliant" while claiming that crypto would be a far better option for transferring value than paper money. However, he took issue with its excessive energy consumption.  

In the latest podcast, Musk said that he was "neither here nor there" on Bitcoin. He appears to be concerned about the fact that Bitcoin is used for facilitating illegal transactions.     

Must Read
Bitcoin (BTC) Compared to Tesla(TSLA) by Mike Novogratz - READ MORE

Bitcoin's identity problem

Bitcoin adoption originally took off in 2013, with multiple high-profile merchants willing to accept it. However, due to high fees and volatility, some companies, in the likes of Steem, eventually decided to ditch BTC and have not looked back since. 

While BTC proponents are pushing the store-of-value narrative, they overlook its top function as a medium of exchange. Billionaire investor Ray Dalio recently opined that BTC actually fails to fulfill both of these functions. 

While such comments might play into the hands of Bitcoin Cash proponents, the Lightning Network protocol already makes BTC more scalable than its offshoot, according to Tone Vays.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
Bitcoin Price Spikes to Nearly $7,000 on Kraken as Whales Transfer More Than $300 Mln Worth of BTC

Bitcoin Price Spikes to Nearly $7,000 on Kraken as Whales Transfer More Than $300 Mln Worth of BTC

More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB

Bitcoin Price Spikes to Nearly $7,000 on Kraken as Whales Transfer More Than $300 Mln Worth of BTC

News
Tue, 03/31/2020 - 15:44
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • A lone whale was able to move the BTC price by more than $400 on the Kraken exchange

Cover image via stock.adobe.com
Contents

The Bitcoin price briefly surged to €6,190 (about $6,800) on Kraken after a lone whale bought more than 1,000 BTC.

At press time, the benchmark cryptocurrency is changing hands at $6,469 on the exchange.  

Kraken
image by reddit.com

Must Read
One Percent of Crypto Whales Control More Than Half of Total Bitcoin Circulation Supply: Report - READ MORE

Whales pull all the strings 

While it's tempting to assume that a major whale has decided has reentered the market after BTC's disastrous performance in March, deep-pocketed holders are prone to manipulating prices to make easy money. Hence, traders should be cautious not to appear on the wrong side of another sell-off.    

As reported by U.Today, there was a theory that the massive April 2 pump that kicked off the glorious 2019 rally was orchestrated by one major player who took advantage of low liquidity on numerous exchanges to pump the price. 

Back in June 2019, a savvy Coinbase user sold $213 mln worth of BTC and bought back the whole thing shortly after to earn a whopping $10 mln in practically no time.  

Must Read
Real Reason Behind 10 Percent Bitcoin (BTC) Price Crash Revealed by Analysts - READ MORE

A $328 mln Bitcoin transaction  

In the meantime, Whale Alert, the service that tracks large transactions across multiple blockchains, has spotted a mammoth-sized Bitcoin transaction that is worth more than $328 mln. 

However, it appears to be an internal transfer, which means that it will not affect BTC's price action. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
Bitcoin Price Spikes to Nearly $7,000 on Kraken as Whales Transfer More Than $300 Mln Worth of BTC

Bitcoin Price Spikes to Nearly $7,000 on Kraken as Whales Transfer More Than $300 Mln Worth of BTC

More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB