Elon Musk bashes banks for weak security and high latency – Bitcoin can solve it

Elon Musk bashes banks

Elon Musk endorses Bitcoin as an asset with a positive impact on the environment and a better alternative to traditional banking.
Bestselling author of “Rich Dad, Poor Dad” supports Tesla’s decision to invest in BTC.

The crypto community continues to debate Tesla’s entry into the crypto market. Critics of Bitcoin, Tesla, and its CEO, Elon Musk, have claimed that the investment is too risky and attribute it to the impulsive behavior the entrepreneur appears to have on his social networks.

Another angle Musk’s detractors have used about his Bitcoin investment is the alleged negative “ecological footprint” BTC mining causes on the environment. In a response to a counterargument stating that BTC has greater advantages for the environment than the legacy financial system, ARK Invest founder and CEO Catherine Wood said:

I think Elon Musk understands this important dynamic. For God’s sake, one of his top priorities is saving the planet.

One of the hosts of the Third Row Tesla podcast, Kristen Netten, agreed that Musk “clearly understands BTC” and that he already knew of its potential when he was one of the co-founders of the payment processor PayPal. The community responded positively and Musk himself joined in the conversation to state that he “knows a thing or two about banking.”

In fact, Tesla’s CEO was an intern at a banking institution. There he became familiar with how banking transactions work and how money is transferred from one bank to another using a database. Musk stated:

Bitcoin in the mainstream

Musk also received support from “Rich Dad, Poor Dad” author Robert Kiyosaki. Via his Twitter account with 1.5 million followers, the writer stated the following and made a recommendation to investors:

Love Elon investing billion in Bitcoin. Silver next. Silver still 50% below all time high.

Kiyosaki revealed in late 2020 that he has a long position in Bitcoin and predicted a target price for the cryptocurrency of $50,000 in 2021. Currently, BTC is close to reaching that level motivated, as Kiyosaki predicted back in 2020, by a strong institutional interest in the benchmark cryptocurrency.

Meanwhile, Tesla’s entry into the Bitcoin  market seems to have been strongly influenced by MicroStrategy’s CEO Michael Saylor. The entrepreneurs had an exchange on Twitter about Bitcoin’s capabilities to move large amounts of money. Since then, both CEOs seem to have a good relationship. Saylor recently celebrated Musk being featured on the front page of the Financial Times under the headline, “Is Bitcoin going mainstream?”

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