Entrepreneurial giant and maverick Elon Musk has a thing or two to say about Bitcoin and cryptocurrency, having spoken about it in the past several times before, saying such things as “Bitcoin is quite brilliant” and that one day paper money could be replaced by decentralized, digital forms.
The Tesla and SpaceX CEO has dropped yet another line of praise for the number one cryptocurrency, this time acknowledging the HODLers who have stuck with the digital asset since its early days.
Whoever owns the early BTC deserves a Nobel prize in delayed gratification
— Elon Musk (@elonmusk) February 21, 2019
Certainly, the main investment philosophy for the vast majority of cryptocurrency enthusiasts is the long-term holding of one’s bitcoin(s) until the time when the market rises and spills over into mass usage, an event that many stalwartly still consider to be looming on the horizon despite the bear market.
Musk doesn’t hold much Bitcoin himself, having been sent fractional amounts “which a friend sent several years ago.” His view of Bitcoin is not all stellar though, as he believes the network’s energy-intensive Proof-of-Work (PoW) consensus is quite inefficient.
Earlier this week, Musk said:
it bypasses currency controls… Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.
Not that the billionaire needs Bitcoin to help boost his $20+ billion net worth. Musk has been supportive of the general principles of Bitcoin and blockchain which, of course, brings great exposure and reach for what is still a fledgling technology.
On the whole, notable business people have been on both sides of the crypto asset debate, though the believers hold their belief with strong conviction.
Twitter CEO Jack Dorsey was recently a guest on the Joe Rogan Experience, stating that the internet will have a native currency and that Bitcoin’s strong principles and closeness to the vision with which the internet was created would give cryptocurrencies a place in the world.
With good news regarding fair regulations, institutional investment and technology development popping up with increasing frequency, interested investors can HODL in the way that Musk is happy to see.