Elon Musk: Bitcoin is used for illegal transactions

Credit: United States Northern Command

according to Elon Musk, the first cryptocurrency on the market is used to make illegal transactions. The boss of You're here and Space X is "not sure Bitcoin ".

During a Tesla podcast, Elon Musk was invited to comment on Bitcoin and cryptocurrency. The American entrepreneur claimed that Bitcoin was essentially a censorship-resistant tool for making illegal transactions or semi-legal.

I'm neither here nor there on Bitcoin. This kind of thinking makes the crypto community angry, but there are transactions that are not in compliance with the law. Normally, cash is used for these transactions. However, for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to legal bridge. This is where crypto comes in, ”he said.

Although the 48-year-old entrepreneur believes that the Bitcoin is used to make illegal transactions and it will not become a store of value or some sort of new gold 2.0, however, he believes that ultimately, cryptocurrency more generally could replace cash.

Where i see the crypto, it is actually to replace the cash. But not as a primary replacement. My opinion is sometimes taken as if I was passing judgment on crypto, but it is in fact that there are a lot of illegal things that should not be. I think sometimes governments have too many laws, ”he concluded.

Bitcoin is * not * my safe word

– Elon Musk (@elonmusk) January 10, 2020

Musk said last year that the system behind Bitcoin was interesting, while highlighting the fact that the blasting was very energy intensive.

The structure of Bitcoin is brilliant but I don’t think it’s a good use of the resources of You're here than getting involved in cryptography, "he said, adding that the digital coin would" bypass currency control. "