A case for the defence in a trial of Elon Musk vs The Cryptoverse

A case for the defence in a trial of Elon Musk vs The Cryptoverse

Elon Musk is a long-time, high-profile supporter of cryptocurrencies. But many crypto bulls within the ecosystem are not a fan of the multibillionaire entrepreneur. 

Is this view misguided?

The Musk critics have become increasingly tired over the last couple of years of the world’s richest man exerting so much influence over the near-term price movements of seemingly all cryptocurrencies. His see-sawing remarks in mainstream and social media have hit prices of Bitcoin, Ethereum and Dogecoin, amongst others, along the way.

Opponents claim that many of those who have followed him have lost money and faith in the potential of digital currency. 

In addition, they say that he should be doing more to highlight the possible risks of investing in crypto.

Clearly, with power and influence comes responsibility. But to me this all suggests that he should be responsible for regulating crypto.  This is not his job. That is the jurisdiction of global regulators, not a private investor.

This is why I have long championed calls for greater regulatory scrutiny as digital currencies are set to play an ever-greater role in the international financial system.

What’s needed is a strong regulatory framework to be established and approved at an international level.

Those banging the drum for Musk to flag up inherent investment risks, in my opinion, should be banging on the door of financial watchdogs as they are the ones whose work will help protect investors, tackle cryptocurrency criminality, and reduce the possibility of disrupting global financial stability.

Also, whilst he has influence due to his status as a hugely important global business leader – and keenly voices his belief that “there’s a good chance that crypto is the future currency of Earth” – Musk specifically and categorically denies ever saying that other people should invest in crypto.

Indeed, I believe that it is now high time for crypto bulls to embrace Elon Musk for three key reasons.

First, his enormous audience (124.5 million followers on Twitter alone). His following and accessibility helps reach people who might not otherwise hear about the true power and potential for good of global, digital, borderless, unconfiscatable, tamper-proof currencies. Without Musk, these assets are more likely to be only for the wealthier elites and corporations.

Second, his unrivalled resources. Musk is the world’s richest man and a major crypto enthusiast. If anyone can expediate mass adoption, which should be the aim of crypto investors, it would be him.

Third, his vision and skillset. Musk is future-focused. This is the entrepreneur who, due to the superior capabilities and technologies of his Space X company, is working with NASA, the U.S. government space agency, to deliver astronauts and cargo to and from the International Space Station.

He has become the first non-state organisation to successfully launch, orbit and recover a spacecraft; and he achieved the first vertical take-off and vertical landing for an orbital rocket.

But there’s also the competition: SpaceX says it will beat NASA to Mars this decade.

He has also, almost singlehandedly, upended traditional car-production with the mega successful Tesla, the electric vehicle company.

Elon Musk also co-founded the electronic payment firm PayPal, and is looking at payments facilities on his recently acquired Twitter social media platform, which he is likely to transform into an “everything app” modelled after China’s WeChat — known as a one-stop shop for messaging, payments and shopping.

Those who believe this is all easy, I suggest, have never done it.

For these reasons, amongst others, I believe that despite some mis-steps in the past, Elon Musk remains one of crypto’s best allies now and in the future.

Source: www.cityam.com