Tesla CEO Elon Musk recently appeared in a special tweet series about Bitcoin and caught the attention of the crypto community.
When Ben Mezrich, a Bitcoin Billionaire writer, said he would never refuse to receive payments in Bitcoin in the future, a controversy ensued, in which Musk also agreed. It continued after the discussion and became even more interesting.
While Musk’s tweet received many replies, it was a comment by Parallax Digital CEO Robert Breedlove that caught his attention. Breedlove, a bitcoin wordmaster, said, “Money is a vehicle for carrying value across space-time. Gold was great for carrying value over time, but not for space. Fiat currency is great for moving value through space, but not for time. Bitcoin has been optimized to move value both in space and time. ” used the expressions. Musk disagreed:
“WHAT WE CALL MONEY IS AN INFORMATION SYSTEM ONLY FOR LABOR ALLOCATION. IT IS ACTUALLY IMPORTANT TO MAKE GOODS AND PROVIDE SERVICES. WE SHOULD LOOK AT CURRENCY IN TERMS OF INFORMATION THEORY. WHICH HAS THE MINIMUM ERROR AND DELAY. ”
Musk has had this view for a long time. In January 2020, Third Row explained on the Tesla Podcast that Bitcoin has some utility for illegal payments on the dark web, but will not be the main currency of the future: “I see crypto effectively as a cash substitute. But not to replace the primary database. ”
Of course, this discussion has raised the Bitcoin question of years: Is BTC a payment mechanism or a store of value? This is about whether Bitcoin should be used for daily payments like buying coffee, or whether it is more of an anti-inflationary measure.
A Twitter user said, “Let’s face it; (Bitcoin) has delays and transaction costs. But if used as a store of value and transfer of large values, it is highly effective. Currencies already work as currencies; Bitcoin doesn’t need to change them. BTC is rather a patch to correct the inflationary craze of reserve banks. ” made his comment. It was a phrase Musk quickly understood, and he replied, “Good point.”