J. K. Rowling (Harry Potter) is trying to understand Bitcoin

On Twitter, the author of the Harry Potter saga novels, J. K. Rowling, tried, without much success, to understand how it works Bitcoin. The Tesla CEO took part in the discussion and said that the Fed's policy made the cryptocurrency “solid in comparison”.

Friday, following the message from the Twitter account @Bitcoin, which declared that "wizards must trust Gringotts Bank (the bank of wizards)" but that "Bitcoin solves this problem", J. K. Rowling took part in the discussion and said that she did not believe in it.

I don’t think I trust this. https://t.co/ziZzKg1aS0

– J.K. Rowling (@jk_rowling) May 15, 2020

Many Bitcoin advocates quickly intervened in an attempt to explain to the novelist the operation of the first cryptocurrency on the market.

After several more or less technical explanations, J. K. Rowling tweeted that she didn't have the knowledge to understand.

I can't and will never understand Bitcoin […] I'm pretty much able to grasp a barter system. Talking about collectibles, economy tokens and blockchains and my brain is just treading water, ”she said.

Elon Musk, the founding CEO of Tesla, also took part in the discussion and said that "the massive issuance of currency by government central banks makes Bitcoin look solid by comparison."

Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet 👻 money look solid by comparison

– Elon Musk (@elonmusk) May 15, 2020

The popular 48-year-old American entrepreneur said he still had a quarter of Bitcoin (0.25 BTC).

In 2019, Musk declared that the system behind the digital coin was interesting, while emphasizing the fact that mining was very energy intensive. Earlier this year, he nonetheless claimed that Bitcoin was used to make illegal transactions.

Cryptocurrencies, including Bitcoin, are in the spotlight following the crisis linked to coronavirus and government action to support the global economy.

In April, the Fed cut interest rates to zero, launched an unprecedented bond purchase program and partnered with the Treasury Department to begin providing emergency loans to businesses, says Forbes.

And its president, Jerome Powell, recently warned that the bank may need to go further, as the United States faces "a prolonged period of unprecedented weak economic growth."