Elon Musk has been to be one of the most influential people driving the force behind tech innovation today. Besides having co-founded PayPal and founding Tesla and SpaceX, Elon was also integral in the creation of Dogecoin, a cryptocurrency that started as just a dog meme. In fact, Elon Musk is the former CEO of Dogecoin.
During a recent interview with CNBC’s podcast called “For Your Innovation,” Elon Musk had some more wisdom to offer the world. He was quoted as saying that paper money, as we know it, is going away, and he had his reasons well lined up for inspection.
Crypto Is The Better Way To Transfer Value
Giving his reason for bashing fiat, Elon argued that cryptos are a far much better of transferring value as opposed to fiat currencies. As a matter of fact, Elon Musk isn’t the only person to throw this line. Numerous other crypto bigwigs, as well as regular crypto fans and traders, have held that opinion for long.
People Have Stopped Idolizing Cash
According to one Twitter user who commented on the tweet sent out by one Joseph Young regarding Elon’s interview, cash is no longer idolized. That utterance alone signals a broader running sentiment among the crypto community as well as the general world population that cash money is no longer as useful as it used to be before cryptos popped in.
In fact, according to another Twitter user commenting on the thread on CNBC’s twitter feed, a good number of countries are already going cashless. The user went ahead to mention Sweden which plans to introduce its own national cryptocurrency in 2021 and proceed to go totally cashless by 2023. Another user also noted China as one country that also on the way to becoming a cashless economy.
— CNBC (@CNBC) April 7, 2019
What About Privacy?
The issue of security, especially privacy, has been a thorny issue in the crypto space. Some fear that going completely cash will give governments leeway to interfere with the decentralized nature of cryptocurrencies and compromise privacy.
On the other hand, there are those who feel that the mass adoption of cryptos would foster better and more efficient financial systems with smoother payment systems.