Walter Isaacson poses the question, “Will [bitcoin] be something that will be what normal consumers will use and will disrupt the banking industry?”
Elon Musk responds in a choppy manner, saying, “My opinion on Bitcoin is, I mean I think Bitcoin is probably a good thing. But it’s essentially, its main thing will be [inaudible] I think it’s primarily gonna be a means of doing illegal transactions [laughs]. But that’s not necessarily entirely bad. You know, some things maybe shouldn’t be illegal. It will be useful for legal and illegal transactions. Otherwise it would have no value as a use for illegal transactions. Because you have to have a legal to illegal bridge. I don’t own any Bitcoin.”
“Bitcoin is not a currency because it doesn’t meet the criteria of a currency, including being a store of value. I would not be surprised if bitcoin is not around in 10 or 20 years because it is used as a speculative bet. The price of bitcoin is inevitably based on the value of the dollar, which means that it is not a currency in and of itself,” said Warren Buffett.
Jack Ma, the founder of Alibaba Group speaks about bitcoin and blockchain technology:
“Honestly, I’m not a big fan of Bitcoin but I pay attention to cashless payments in society through blockchain technology, what I want to know is what things Bitcoin can contribute to society, but behind Bitcoin I see that there is a really powerful technology,” said Jack Ma.
“It’s an opportunity with a calculated risk like everything else… Hasn’t Wall Street had bubbles? Hasn’t real estate had bubbles? People invest in all of that. Let’s not discourage the honest individual who wants to make a buck from getting involved.” he said. “If you have a little money to play with and invest, I’m going to tell you right now — look at the top 10 cryptocurrencies — [because] they are going up in the next 5 years. Is it a risk? Absolutely, so is everything else,” said Stephen Baldwin.