Elon Musk: Cryptocurrency Is Potentially The Cash Of The Future

Software hasn’t eaten the banking industry yet. Software has eaten a lot of industries. There’s some that it just hasn’t and banking is still there, you know? Stripe’s eating them slowly – they’re doing a pretty good job but the the banks are in trouble if it’s not Stripe, it’ll be somebody else. And you love code but you don’t seem to be as bullish on Bitcoin.
Do you have any – Could you break down like why because you’re talking about this big database, that’s more secure, for faster transactions. It seems like Bitcoins hitting at least some of those. I’m neither here nor there on Bitcoin.
Yeah, um, yeah. What did you think when you read like Satoshis white paper for the first time? Were you like, this is pretty interesting or? That was pretty clever. it’s just like The thing is, this always gets like the crypto people angry but (laughing)
There are transactions that are not within the balance of the law and those in – there’s obviously many of laws in different countries and normally cash is used for these transactions but in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to legal bridge. That’s where crypto comes in. So is it kind of the dark net stuff?
It can’t be entirely dark because otherwise how do you buy normal stuff? And cash these days is used just much rarer. It’s hard – it’s like increasingly difficult use cash. Some places you can’t use cash at all. So there’s a forcing function for transactions that are illegal, quasi legal and in some cases legal. But got to have something – it’s got to be both legal and illegal.
Doesn’t count otherwise. It can’t just be transactions within an illegal economy because how do you buy like, you know, food and a house or something? You must have a illegal to legal bridge. So where I see crypto as respectively is as a replacement for cash but not as a but not as a replacement for as a primary or not as – I do not see crypto being the primary database.
Now this is not to be taken like I’m being judgmental about crypto and it’s actually I think there’s a lot of things that are illegal that shouldn’t be illegal but you know. So it’s not as though I think this sometimes governments just have too many laws about – they should only have so many things that are illegal