- Elon Musk describes a future currency
- Musk calls Bitcoin “fundamental physics-based currency”
- Bitcoin price curve reverses
In a recent interview, Tesla and SpaceX CEO, tech magnate Elon Musk, has shared his vision of a currency in the future. The value behind it is totally different from what any bank executive would mention, and the crypto community interpreted Musk’s words as the description of Bitcoin.
Elon Musk describes a future currency
In a podcast called Moonshots, Musk told the host, Peter Diamandis, that he believes the only real currency in the future would be “energy” or putting it in a simpler way “how much power is being turned into work of some kind.”
Basically, this can be described as work and energy. Some within the crypto community on the X social media platform have interpreted as the key components of Bitcoin and its verification mechanism, Proof of Work, when computational power is used to solve complex math problems to validate transactions on the BTC network.
“He’s hinting at bitcoin for sure,” an X user, @MoonCallXBT, tweeted. Many other commentators agreed with him. However, Musk did not mention the world’s largest cryptocurrency directly.
Musk calls Bitcoin “fundamental physics-based currency”
At the end of November, during a podcast appearance, Musk made a similar statement, this time directly referring to Bitcoin. He stated that “energy is the true currency” and BTC was based on it.
“This is why I said Bitcoin is based on energy. You can’t legislate energy," he stressed.
Musk believes that true energy is hard to harness. However, in the above-mentioned Moonshots with Peter Diamandis podcast, the world’s richest man shared his vision of providing humanity with an unbelievable supply of energy. To achieve that, mankind will have to start harnessing the energy of the sun. Even a tiny part of the energy produced by the sun could give humanity more energy it produces on a regular basis using fossil fuels.
Bitcoin price curve reverses
After the 8.16% growth demonstrated by the world’s bellwether currency, Bitcoin, between January 1 and January 5, when BTC surged from $87,350 to slightly above $94,000 level, BTC has reversed and is currently changing hands at around $92,000 after briefly dropping below that mark.
The crypto market has been going down despite the recent Federal Reserve cuts. Among the multiple reasons that have made investor confidence fade is the recent external US policies.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Cash is shifting into bonds as war and inflation jolt the market
The current market is experiencing a chain reaction due to the war in Iran, leading to rising oil prices and increased inflation. Investors are seeking safer assets, with bonds emerging as a prominent choice. Short-term bonds are stable due to expectations of prolonged high interest rates from the Fed, while long-term bonds face volatility due to ongoing macroeconomic risks. This unique situation allows bonds to serve both defensive and profitable roles, attracting capital away from riskier assets like stocks and Bitcoin amidst persistent inflation and geopolitical pressures.
TapChiBitcoin20m ago
Bitcoin Stalls Near $67K As Analyst Warns Market Could Revisit Recent Lows
Crypto analyst Michaël van de Poppe’s latest comment on Bitcoin landed at a moment when the market is already struggling to find direction. In his post, he said the trend remains unchanged, described the session as one of the “most boring” of the week, and argued that if Bitcoin cannot push back
BlockChainReporter25m ago
Bitcoin Cash unexpectedly dropped 5% as whales sold 60,000 BCH.
Bitcoin Cash (BCH) dropped 5% following a whale's sale of 60,000 BCH, highlighting market sensitivity to large sell-offs. A significant liquidation exacerbated the decline, revealing ongoing pressure from large holders. Without support, BCH may experience continued volatility.
TapChiBitcoin27m ago
El Salvador's Bitcoin reserves increase to 7,605.37 coins, valued at approximately $506 million.
El Salvador's Bitcoin reserves have increased to 7,605.37 coins, worth approximately $506 million. Analysts point out that losses for short-term Bitcoin holders are widening, with the MVRV indicator in bear market territory. Brother Ma's losses have reached $31.3 million. Walmart's payment platform OnePay has added support for various cryptocurrencies. Gnosis and Zisk have launched an Ethereum economic zone Rollup framework.
GateNews30m ago
