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Elon Musks Explains Personal Neutrality Over Crypto And Its Use By Criminals

Many key figures of the world have commented on how great, terrible, or average the rise of cryptocurrencies is, in the world. It’s just the way of things, for humans to desire the opinion of significant decision-makers within the world. Everyone from crucial figures within countries like the US and China, as well as financial moguls, have given their cherished opinion over the crypto industry and its inevitable fate.

Those close to it discern whether or not there is more than one form of crypto, while others just bunch them all together and call all of it Bitcoin. Regardless, their words sway the tickers in the Bitcoin trading markets, if only ever so slightly.

Neutral With Commending BTC’s Design

Elon Musk is a key figure when it comes to the world’s cutting-edge technology, being the CEO of Tesla (find out about Tesla Stocks here). Recently, Musk had clarified his thoughts when it comes to things like Bitcoin and cryptocurrencies as a whole. Through an interview that was done on the Third Row Tesla Podcast, Musk explained that he was neither for nor against cryptocurrencies and its associated technologies. In fact, he described Bitcoin’s whitepaper as “pretty clever.”

Criminals Using Crypto

One of the critical issues regarding crypto, according to Musk, is that supporters of the crypto industry need to address the so-called “hot button” issue: Its use in criminal actions. He explained that, while it makes the hardcore supporters angry just at its mention, one must acknowledge crypto’s use within the criminal world.

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Musk explained that physical cash was commonly used within the criminal world to pay various things, but today’s age makes its usage more and more difficult. Thus, criminal elements need to make use of a legal bridge between cash and legalized digital funding. Something, Musk explains, that the crypto industry found a nice niche for.

Integration, But No Takeover

While the world is moving slowly towards a cashless environment, Musk considers this a perfect opportunity for the crypto industry to integrate itself into the world’s economy. However, it should be noted that he doesn’t think that the crypto industry will overtake all the commercial usage of the world. He sees crypto as a cash replacement, but not as a replacement of fiat currencies.

In recent times, Peter Schiff was in the news regarding crypto as well. The man, famous for his overall ridicule for the crypto industry as a whole, was forced to admit that he had lost his Bitcoin wallet thanks to errors he had done.

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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.