Elon Musk Endorses Bitcoin
Prices of significant digital assets were mixed in Asia on Wednesday without a directional mover, but Tesla (NASDAQ:TSLA) CEO Elon Musk saying Bitcoin is “brilliant” and “paper money is going away” performed some noise in the crypto space.
On Tuesday in an interview on consulting services firm ARK Invest’s podcast, Musk said “Bitcoin’s structure is quite brilliant” and digital money is “a far better way to transfer value than pieces of paper.”
But he also remarked that “one of the downsides of crypto is that computationally it is quite energy intensive.”
Musk tweeted about Bitcoin last year, prompting many to wonder if his electric car business would have crypto-related projects. But Musk explained that it would not be a good use of the means of his company to get into this area.
The market capitalization of all cryptocurrencies increased further to $133.4 billion from $120 billion last Friday.
Meanwhile, JPMorgan’s launch of its own digital asset JPM coin could change the banks’ view to blockchain and crypto, according to CNN. Param Vir Singh, a professor of business technologies at Carnegie Mellon University, reported CNN that “more banks will take [crypto] seriously” as JPMorgan’s move could push other banks to follow suit.
Last week, the news of JPM coin swung the crypto industry as the investment bank’s CEO Jamie Dimon once called Bitcoin a “fraud”. The move meant a shift in the U.K. bank’s approach to crypto.
That is interesting news about the JPM coin. I will need to look into that.....but the fact a us bank is doing this is something to pay attention to!