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Elon Musk Describes Bitcoin As “Solid” Compared to Fiat Money These Days

Elon Musk has only mentioned Bitcoin twice on Twitter before this but now talked about it a third time as he discussed the matter with none other than JK Rowling. This time, Musk made a surprising move, stating that the world’s leading cryptocurrency looks “solid” compared to fiat money, nowadays.

Strange Times To Live In

JK Rowling, the author of the ever-popular “Harry Potter” series, gave her own comment about Bitcoin as a whole.

In her words, it’s all just confusing jargon, which isn’t a good omen if she ultimately decides to get into it. However, Elon Musk commented on the matter on her twitter feed.

He remarked that Bitcoin is a confusing pit, but at this point in time, it seems stable when compared to fiat. His reasoning is the sheer volume of money that the central banks of the world started to issue out to try and counteract the tumbling markets.

Jimmy Song had observed this action a couple of days ago, as well. The Bitcoin programmer noticed that the total stock of US Dollars (M2) had managed to increase by $2.3 trillion, doing so in just three months. This stands as possibly the fastest fiat money growth in history.

Big Figures Endorsing Crypto

Back in early 2019, the CEO of SpaceX and Tesla stated that he thought Bitcoin’s overall structure was “quite brilliant.” He went further, saying that he could see the value in cryptocurrencies as a whole when he looks at the world with its ever-fading use of paper money and its currency controls in place

With this recommendation, Musk stands as the latest billionaire to promote Bitcoin as he responds to the ongoing trends in macroeconomics.

Paul Tudor Jones was the previous one that went into Bitcoin. He’s regarded throughout the industry as being one of the best investors the world has to offer, and stands at a net worth of more than $5 billion. Last week, the man revealed that he was investing in Bitcoin Code.

Backwards Strategies

He reasoned, much like Musk had now, that there are genuine fears that the response of the central banks to this ongoing economic recession is one of concern. In Jones’ eyes, it makes far more sense to invest in scarce assets, as opposed to the central banks increasing supply dramatically.

In a statement, Jones made it clear that he was not trying to advocate the ownership of Bitcoin, in particular. Instead, he recognized the potential of the asset during this period, where the world is issuing out the most unorthodox economic policies there is. Thus, according to Jones, one must adapt your investment strategy to the changing times. Jones stated that the best profit-maximizing strategy is the ownership of the fastest horse, this metaphorical horse being Bitcoin to Jones.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.