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In a recent interview, Tesla and SpaceX CEO, tech magnate Elon Musk, has shared his vision of a currency in the future. The value behind it is totally different from what any bank executive would mention, and the crypto community interpreted Musk’s words as the description of Bitcoin.
Elon Musk describes future currency
In a podcast called Moonshots, Musk told the host, Peter Diamandis, that he believes the only real currency in the future would be “energy” or putting it in a simpler way “how much power is being turned into work of some kind.”
Basically, this can be described as work and energy. Some within the crypto community on the X social media platform have interpreted it as the key components of Bitcoin and its verification mechanism, proof of work, when computational power is used to solve complex math problems to validate transactions on the BTC network.
“He’s hinting at bitcoin for sure,” an X user, @MoonCallXBT, tweeted. Many other commentators agreed with him. However, Musk did not mention the world’s largest cryptocurrency directly.
Musk calls Bitcoin "fundamental physics-based currency"
At the end of November, during a podcast appearance, Musk made a similar statement, this time directly referring to Bitcoin. He stated that “energy is the true currency” and BTC was based on it.
“This is why I said Bitcoin is based on energy. You can't legislate energy," he stressed.
Musk believes that true energy is hard to harness. However, in the above-mentioned Moonshots with Peter Diamandis podcast, the world’s richest man shared his vision of providing humanity with an unbelievable supply of energy. To achieve that, mankind will have to start harnessing the energy of the sun. Even a tiny part of the energy produced by the sun could give humanity more energy than it produces on a regular basis using fossil fuels.
Bitcoin price curve reverses
After the 8.16% growth demonstrated by the world’s bellwether cryptocurrency, Bitcoin, between Jan. 1 and Jan. 5, when BTC surged from $87,350 to slightly above the $94,000 level, BTC has reversed and is currently changing hands at around $92,000 after briefly dropping below that mark.
The crypto market has been going down despite the recent Federal Reserve cuts. Among the multiple reasons that have made investor confidence fade are the recent external U.S. policies.
Gamza Khanzadaev
Arman Shirinyan
Alex Dovbnya