Tuesday, November 30, 2021

Elon Musk Has Only Meager Bitcoin Holdings, but Will He Regret It Later?

Elon Musk Has Only Meager Bitcoin Holdings, but Will He Regret It Later?

Elon Musk, CEO of Tesla and SpaceX, has revealed how many bitcoin he holds — and shockingly it is just 0.25 BTC, which equates to $2,500 USD. The tech billionaire can pocket $2,500 by just selling five of his overpriced flamethrowers, that cost $500/piece. Musk is always known for picking up emerging technologies. However, it seems he has missed the train for blockchain technology and bitcoin.

Also see: Pizza for Lightning: Bitcoin Legend Laszlo Eats Again!

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In this present time of crypto mania, the value of blockchain — Bitcoin’s underpinning technology — has been acknowledged by experts in every business, be it finance or tech. However, it seems serial entrepreneur Musk does not see potential in Bitcoin or blockchain technology, something he might regret later. Over time bitcoin has become a valuable asset that is recognized globally.

Could Musk Regret Not Owning Bitcoin?

Musk may not be hyped about Bitcoin and blockchain technology, but in the existing competitive market, business has started adopting cryptocurrencies. Here’s how it could work for Musk too.

two chains soft forkBlockchain technology and bitcoin can play a potential role in the future of the conveyance industry. Distributed ledger technology could aid Musk’s master plan, which includes Tesla Sharing and Autopilot cars. The primary feature of a blockchain ecosystem is that it is trustless — an advantage that could transform how we do business.

The hype surrounding blockchain and Bitcoin is higher than ever. Companies that move away from Bitcoin may very well regret it at a later stage.

Recently a stubborn bitcoin nonbeliever — J.P. Morgan Chase CEO Jamie Dimon, backpedaled on his earlier statement calling bitcoin a fraud. On January 9th, 2018, he told Fox Business, “I regret making” that statement.

Dimon did regret calling bitcoin a fraud, however, there could be many investors, entrepreneurs and famous personalities who might regret at a later stage not joining the bitcoin craze.

Elon Musk Reveals Bitcoin Holdings via Tweet

In recent times, social media has been host to scams surrounding cryptocurrencies. The fraudulent act of mimicking famous personalities and luring amateur crypto investors to fall for these acts has become a growing trend. Musk’s revelation of his Bitcoin “wealth” was in response to the issue where scammers used his identity on social media to steal cryptocurrencies.

Recently a Twitter follower asked Musk — why lately have these spammy activities have intensified on social media?

He responded:

Earlier this month a Twitter spokesperson told BuzzFeed News, “We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.”

Lately, cloud monitoring and defense firm Redlock reported Tesla’s Amazon Web Services had been “cryptojacked” — a process where hackers surreptitiously mine cryptocurrency using a remote victim’s CPU resources and electricity.

Musk certainly seems to be aware of blockchain’s existence, but for now it seems he doesn’t want to be involved directly. Or at least, he doesn’t want anyone to know about it.

Should Elon Musk consider employing blockchain technology and bitcoin? Let us know your view in the comments section.


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