Elon Musk: Bitcoin Structure is Brilliant, But Has Its Cons; Paper Money is Going Away (ark-invest.com)

Elon Musk, who among other things, is a pioneer in the payments industry, has weighed in on one of the most divisive topics in finance today: Bitcoin. In a podcast with Cathie Wood of ARK Invest, Musk, the co-founder and chief executive of electric car maker Tesla, was asked to "go off topic" and offer up some thoughts on the most famous cryptocurrency. From a report: "I think the bitcoin structure is quite brilliant. But I'm not sure that it would be a good use of Tesla's resources to get involved in crypto," he told Wood. Musk, who founded PayPal, added that the days of paper money are numbered and digital currencies could offer a more efficient solution to shifting value. "Paper money is going away and crypto is a far better way to transfer value than pieces of paper, that's for sure, but it has its pros and cons," he said.

Comments

Those folks are already getting debit cards

[rsilvergun]

shoved down their gullets. I know a few guys with fucked up finances and crap jobs. They don't get checks, they get money on a debit card every week or two.

It's sucks of course. There's fees and it's a major pain to use. But here's the rub: nobody really cares about these people. I mean, the current administration just rolled back a ton of consumer protection and anti-payday loan rules and nobody batted an eye. I only know about it because the crazy left wing sites I like complained about it (the kind that run articles on "The high cost of being poor".

TL;DR; If you're well enough off that you matter you're already getting away from cash because going to understaffed banks and waiting in line is a drag. If you're poor enough to depend on cash you're gonna get dragged into the cashless economy and taken advantage of by it, but nobody care.