About two days ago, tech mogul and internet icon Elon Musk nearly gave his shareholders a heart attack when he voiced his opinion on Tesla’s stock price. That single tweet also sparked a short but witty exchange between the Tesla founder and the Bitcoin Core twitter account. Warren Buffet was then placed in an uncomfortable situation when an interviewer from Yahoo Finance asked him about his views on Elon Musk.
Musk’s Views on Bitcoin
Elon had called Bitcoin’s structure ‘brilliant in the past. However, he also added that getting involved in crypto is not part of Tesla’s plan. Safe to say, Tesla will not follow the footsteps of Lamborghini in accepting Bitcoin for payments.
It needs to be noted that Bitcoin is vastly different from traditional assets in the sense that it can be bought anonymously. This begs the question, what if Musk had been secretly buying up Bitcoins?
Elon’s week-long Twitter meltdown has raised a lot of heads, including several proponents of crypto. Subsequently, many have pondered what would happen if multi-billionaires like the tech mogul sold all their assets and bought mos if not all available Bitcoin?
Elon had always been at the forefront of tech innovation including in the fintech sector, being one of the founders of Paypal. If he were to sell his Bitcoin, he would have to liquidate the bulk of his $39 billion wealth. And even then, it would be next to impossible to find a way to buy digital assets worth remotely close to that figure.
Warren Buffet on Bitcoin and Tesla
Buffet was recently probed by Yahoo Finance’s editor-in-chief Andy Serwer about his opinion on Elon and his car company. The Berkshire Hathaway CEO was able to dodge the bait and only said positive things about the Tesla founder, stating “He’s done some remarkable things.”
However, Buffet still refuses to invest in Tesla stock.
And unlike Elon, Buffet doesn’t hold any BTC and is less reserved in expressing his disapproval for the digital currency. He had said that “Bitcoin has no unique value at all,” and that it attracts scammers.
Even then, some crypto pundits like to play ‘what if’.
Come to think of it, there are over 2,000 billionaires in the world. The top five of them can theoretically buy all of Bitcoin’s circulating supply nearly three times over. But that might not be the case.
If more whales started buying up Bitcoin in the billions, then it would most likely cause a massive upsurge that would drive the price of BTC to the trillions.
A lot of digital currencies may be anonymous, but they are also transparent. There are hundreds of market of observers such as Whale Alert keeping a close eye on the movements of funds all over the digital currency space.
If any billionaire starts hoarding massive amounts of Bitcoin or altcoins, we’d see them coming from a mile away.