Elon Musk, the billionaire, is a tremendous supporter of cutting-edge technology and is generally ahead of the curve in money, but he’s not a bitcoin bull. Tesla Inc. co-founder Elon Musk announced on Twitter that he owns just a fraction of a bitcoin token.
“I basically possess zero bitcoin, except from.25 BTC from a buddy many years ago,” Musk said. That corresponds to $2,500 at today’s bitcoin price of almost $10,000 per coin.
The serial entrepreneur, whose net worth exceeds $20 billion, revealed this in answer to a query about an internet fraud in which random individuals act as celebrities (like Musk) in order to steal people’s cryptocurrency. (See also: IRS Wants to Tax Bitcoin Gains: Coinbase Ordered to Turn Over User Data.)
Musk’s lack of interest in bitcoin is likely not surprising to his admirers, given that he previously admitted that “a buddy donated me half of a BTC a few years ago, but I don’t know where it is.” (See also: Elon Musk’s Education, Career, and Net Worth.)
Is Elon Musk Satoshi Nakamoto?
Musk denied in November 2017 that he was Satoshi Nakamoto, the enigmatic creator of bitcoin. The uproar began when a former SpaceX intern, Sahil Gupta, said in a Medium blog post, “Satoshi is definitely Elon.”
Gupta reasoned as follows: “Elon is a self-proclaimed polymath. He has consistently innovated across areas by reading books on a topic and applying what he has learned. It’s how he constructed rockets, created the Hyperloop (which he published as a paper), and perhaps founded Bitcoin.”
Although Nakamoto’s exact identity has never been proven, there has been a continual stream of conjecture about who he is since bitcoin was discreetly introduced in 2009. (See also: Tesla CEO Elon Musk Denies Being the Creator of Bitcoin.)
Meanwhile, Musk isn’t the only billionaire who has reservations about bitcoin and the cryptophenomenon. Bitcoin skeptics are scared off by the virtual currency’s volatile price swings, lack of regulation, and lack of a value guarantee due to its lack of backing from a central bank.
Billionaire Charlie Munger, Berkshire Hathaway’s second-in-command, termed bitcoin a “noxious poison” and the media hoopla around digital currencies “absolutely stupid.”
Similarly, Munger’s employer, billionaire Warren Buffett, has warned that cryptocurrencies would almost likely “come to a horrible end.” (Read more: Berkshire Billionaire Charlie Munger: Bitcoin Is ‘Poison.’)
In its most recent letter to customers, Paul Singer’s Elliott Management, which manages $34 billion in assets, called cryptocurrencies a bubble, a swindle, and a fraud. Elliott wrote, “This isn’t simply a bubble.” “It’s not simply a sham. It is arguably the highest representation of humanity’s capacity to grab ether and expect to ride it to the skies.”
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.
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