The second wealthiest person in the world believes that our current fiat money system is outdated and embarrassing when compared to the potential of cryptocurrencies.
Elon Musk is a name that needs no introduction, given his revolutionary contributions to the technology and automobile sectors with companies such as SpaceX and Tesla. However, the path to success was not always easy for Musk, and he had to endure a lot of hardships and adversity during his early years. Growing up in South Africa during apartheid, Musk was constantly bullied in school and physically assaulted to the point of ending up in the hospital. But it was his resilience and determination to overcome these difficulties that led him to his present-day success.
Musk’s experiences in South Africa shaped his belief that going against social norms and creating competition is beneficial for everyone. In a recent interview, he spoke about the competition between cryptocurrencies and fiat currencies, and why he believes the governments creating digital currencies is irrelevant. He argues that the fiat money system is digital already, but not in a very efficient way, and that people will gravitate towards the cryptocurrencies they think will gain value.
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