Elon Musk recently added his sentiment to Tim Draper’s, making him the second billionaire this month to forecast the end of physical cash.
Despite its crash yesterday, bitcoin has staged an impressive rally over the last month. There are several reasons for this, not least because sellers were – temporarily – exhausted and a relief rally was overdue. But we have also seen major names in the tech space putting on record their views that bitcoin is a superior form of money.
The first, of course, was billionaire Tim Draper, who famously bought tens of thousands of bitcoins in the Silk Road auction, and has predicted prices of $250,000. The second is Elon Musk, the Tesla and SpaceX entrepreneur, who stated in a recent podcast that bitcoin is a ‘far better way to transfer value than pieces of paper’. Musk said how brilliant he considered bitcoin’s structure, though he also mentioned that he only holds a tiny amount of bitcoin and Tesla wouldn’t be getting into the space any time soon. Musk’s comments are interesting not only because he is a huge influencer in the tech world, but because some in the crypto space have suggested he may even have been Bitcoin’s creator.
As the bear market grinds on into its 14th month, there are signs that the end might be on the way, if it hasn’t already come. Aside from the technicals, we are repeatedly seeing some of the biggest names in tech putting their weight behind bitcoin. Aside from Musk, Jack Dorsey recently came out as a Bitcoin Maximalist and fan of the Lightning Network.
It feels as if the big, young names in tech – the new guard, who are pioneering social media and the technologies of the future – are aligning behind crypto, even as the Old Guard predicts its death.
Pretty soon, we’ll see who was right.
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