Elon Musk Signals Support for Massive Shift to Dozens of Crypto Projects

Elon Musk may be on board with a global shift to a crypto-based economy.

After changing his Twitter bio to say “#Bitcoin” on Friday, the billionaire entrepreneur liked a Tweet that maps out a transition from the current, traditional financial order to a new decentralized system.

The Tweet highlights numerous crypto projects that could facilitate the shift, offering digital alternatives to money, central banking, investment banking, asset management, and more.

Musk’s simple and direct message about Bitcoin triggered a sharp and short-lived spike in the price of the top cryptocurrency.

Over the years, Musk has offered numerous takes on BTC and the crypto markets.

In December, he posted a provocative meme about how tough it is to ignore Bitcoin and asked MicroStrategy CEO Michael Saylor about the amount of capital that can be moved in a single BTC transaction.

In February of 2019, he declared paper money is going away and called Bitcoin “brilliant,” but that he had no crypto plans for Tesla.

In January of last year, he pondered the potential for Bitcoin to be used for illicit purposes, saying “there are transactions that are not within the balance of the law.”

A recent report from Chainalysis finds that crime related to the use of digital assets is on the decline, from 2.1% of the total cryptocurrency transaction volume in 2019 to 0.34% in 2020.

 

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