An extremely rowdy session for cryptocurrencies. Elon Musk’s attitude and his comments on bitcoin raise questions as central banks want to tighten the screws to maintain their absolute monetary monopoly.
No, despite the remarkable qualities of blockchain, bitcoin is not a currency in its own right. How could one qualify as money an asset which since its origins displays an extreme volatility? Even Elon Musk, one of his most ardent supporters, has only recently realized that it will ultimately be impossible to acquire a Tesla with bitcoins. The American billionaire “suddenly” discovered that bitcoin, due to its mining, carries a huge environmental cost, which has been known for many years. Strange, isn’t it?
No, bitcoin is not a currency. How could he be when precisely a man like Musk seems capable of shamelessly manipulating the price, both upward and downward, with a simple tweet.