Billionaire and Tesla chief executive Elon Musk says that the large-scale money printing of central banks is making Bitcoin look good.
Musk commented after “Harry Potter” author J.K. Rowling surprised the crypto community on Twitter when she asked about the leading cryptocurrency. Rowling’s inquiry generated thousands of replies but none have helped the acclaimed author understand Bitcoin.
Instead, she expressed confusion and doubt.
“People are now explaining Bitcoin to me, and honestly, it’s blah blah blah collectibles (My Little Pony?) blah blah blah computers (got one of those) blah blah blah crypto (sounds creepy) blah blah blah understand the risk (I don’t, though.)”
While Musk agrees with Rowling’s ramblings about Bitcoin, the business magnate inserts a nugget of wisdom that captures the appeal of the top cryptocurrency.
“Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.”
Musk isn’t the only one highlighting the rapid money printing. Bitcoin educator Jimmy Song points out that the US money supply surged from $15.4 trillion to $17.7 trillion within three months, from February 3rd to May 4th, marking a 15% increase. Bitcoin’s supply, by contrast, will be forever limited to 21 million coins.
While Musk sees the draw of the dominant cryptocurrency, the billionaire admits he still only owns $2,000 worth of BTC.
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Featured Image: Shutterstock/Martin Gillman
