Elon Musk launches BRUTAL assault on Bitcoin branding cryptocurrency ‘ghost cash’

Elon Musk launches BRUTAL attack on Bitcoin branding cryptocurrency ‘ghost money’

The Tesla and SpaceX boss was replying to a tweet from Recreation of Thrones actress Maisie Williams asking for funding recommendation. Bitcoin has seen its worth surge to $17,400 (£13,000) in current weeks after falling to as little as $5,000 (£3,777) earlier within the 12 months.

This places it lower than $3,000 (£2,266) off the document worth it achieved in 2017.

On Monday Ms Williams posted a ballot on Twitter with the query “Ought to I’m going lengthy on Bitcoin?”

Greater than 900,000 individuals took half within the ballot with 53 p.c voting no and 47 p.c sure.

Amongst those that responded was Mr Musk, who earlier this week grew to become the third richest particular person on the earth.

Making a cryptic reference to a track from Netflix’s The Witcher sequence he stated: “Toss a bitcoin to ur Witcher.”

One other Twitter consumer replied with a meme depicting a wizard and describing Bitcoin as “magic web cash”.

Mr Musk responded to this tweet with the emojis for a ghost and cash, and a 2017 satirical article from The Onion which described Bitcoin as “ghost cash”.

The comedic piece, revealed when Bitcoin was approaching its first peak, stated: “At press time, bitcoin had recouped a few of its losses, which specialists attributed to the truth that even ghost cash finest fitted to anonymously shopping for heroin might generally rebound.”

READ MORE: Bitcoin to soar to $318,000 by 2021 ‘new international financial system rising’

It’s a cryptocurrency which exists with none central financial institution and permits swift person-to-person transfers.

Nevertheless, it has been criticised because of its volatility and use by criminals to fund their actions.

Joseph Stiglitz, a Nobel prize successful economist and former World Financial institution chief economist, has known as for Bitcoin to be banned.

Talking in 2017 he stated: “Bitcoin is profitable solely due to its potential for circumvention, lack of oversight.

So it appears to me it must be outlawed. It doesn’t serve any socially helpful perform.

“It’s a bubble that’s going to present lots of people a whole lot of thrilling occasions because it rides up after which goes down.

“The worth of a bitcoin right this moment is expectations of what the bitcoin goes to be tomorrow.”

Earlier this week Mr Musk overtook Fb founder Mark Zuckerberg to develop into the third richest particular person of the planet.

He’s at the moment behind solely Amazon chief Jeff Bezos and Invoice Gates, co-founder of Microsoft.

Mr Musk’s wealth rose by $15bn (£11.3bn) when Tesla was added to the inventory market index on Tuesday.

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