Elon Musk weighs in on the current state of cryptocurrency relevancy

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What you need to know

  • In recent years, cryptocurrency has had a big influence on a number of industries.
  • The benefits of it include the fact that it's not as tightly regulated by governments as other currencies.
  • Elon Musk says crypto will persist regardless of government intervention.

At the 2021 Code Conference in Beverly Hills, California, many big players in the tech world showed up to give their thoughts on a variety of topics. One such individual was AMD CEO Lisa Su, who gave everyone a general estimate on when the great chip shortage would finally subside. Another noteworthy individual to show up at the conference was Elon Musk.

Musk was straightforward about his crypto predictions. He saw the currency type as having a role in the future, but nothing as absolutely earthshaking as some crypto speculators and diehards would claim.

"It is not possible to destroy crypto, but it is possible for governments to slow it down," he said. It's a line that could've been based on headlines from the past few weeks and months, such as the ones declaring that the U.S. government would be sanctioning facets of crypto activities to discourage ransomware attacks (or the news about China banning crypto outright). But, just as the government half of Musk's statement is true, so too is the fact that crypto isn't going away.

Just recently, AMC Theatres announced that you will be able to use crypto to pay for movie tickets and concessions by the end of 2021. And it's not the first company to make this sort of move.

The crypto era has begun. Now, the choice is to either learn how to mine crypto and pick the best GPUs for crypto mining, or cling to physical currency and hope it maintains a place in the new world order.

Robert Carnevale is the News Editor for Windows Central. He's a big fan of Kinect (it lives on in his heart), Sonic the Hedgehog, and the legendary intersection of those two titans, Sonic Free Riders. He is the author of Cold War 2395. Have a useful tip? Send it to robert.carnevale@futurenet.com.

  • "The crypto era has begun." All you're doing is repeating the hype. Besides, the choice isn't between digital currency and physical currency (countries can and some already have begun moving entirely to digital currency). It's between central banks managing national currencies and crypto. Crypto fails miserably at being currency. It's way too volatile. Always has been, and frankly always will be. Central banks are much better at managing currencies than a bunch of gullible Reddit users.
  • I agree that crypto is too volatile to be a store of value right now. Remember that central banks have massively devalued their currencies too though. Money is simply a medium of exchange, and cryptos can be used as such. My biggest concern is that money also needs to be fungible, and per my understanding, cryptos ultimately aren't.
  • Wherever there is an Andrew G1 crypto comment, there is a Dradzk reply loaded with common sense.
  • Volatile in regards to what though.... it's all the fault of people speculating and not seing it as a money but a commodity you buy with fiat.... fiat has no reason to exist but will as long as people will accept it and be gready enough to think they can make money speculating on forex and other stupid and illogical based on wind blowing BS markets...