In a recent interview with podcaster Joe Rogan, Elon Musk attacked inflation, a problem that Bitcoin solves.
Part of the current U.S. population sees the economy as a gift basket that will continue to provide essential goods even while the country is closed off from its regular workflow, Musk told Rogan on May 7.
„This notion, though, that you can send checks to everybody and things will be fine, is not true,“ Musk said, referring to the stimulus money the U.S. government sent to citizens.
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The government cannot logically sustain its money printing efforts
In an attempt to correct the current financial turnaround, the United States government has removed the lid from its money printer, putting a $2 trillion stimulus package into play.
Printing money without producing goods or services does not work, according to Musk. „If you don’t do things, there are no things,“ he said. „You can’t legislate money and solve these things.“
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Bitcoin solves this
Built with a limited maximum of 21 million coins, publishing a study / have taken steps / soon launch stablecoins / a years-long battle / facing increasing disruption / struggled to reconcile / belarussian central bank / earn an income / sec chairman jay clayton / strike payments app does not allow for inflation. The only inflation you see in Bitcoin is its mining reward, which adds to its current supply from its ceiling. If there is no consensus on the bifurcation of the Bitcoin block chain, that cap can never be raised.
Musk and Rogan did not mention Bitcoin during the long two-hour interview, however, according to a chat transcript.
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Gold fan Peter Schiff also took part in the interview with a tweet about Musk’s comments. „Once the foreign demand for dollars collapses, and we can’t import the things that others do, there are no things either,“ Schiff said, not to mention Bitcoin as part of a possible solution.
Schiff has made a name for himself as an anti-Bitcoin personality. Musk reportedly has only about 0.25 BTC.