Elon Musk Confirms He Did Not Invent Bitcoin, But Can Cryptocurrency Thrive With His Guidance?

From super cars to Mars exploration, will Elon now tackles Bitcoin?

Marcio Jose SanchezAP Photo

Bitcoin has been one of those inventions whose inventor has hidden from the public.

“Satoshi” was the pen name left for the public, but this is not attributed to a real person. However, others still pushed the idea that SpaceX founder Elon Musk may have been the man behind the cryptocurrency.

According to Hackernoon, the timing for the Bitcoin launch and Elon’s background is somewhat similar. It was 2008 when the Bitcoin paper was introduced and it was written by someone who had a deep understanding of economics and cryptography.

Additionally, Bitcoin was created by someone who had deep knowledge of the C++ language. At the time, Musk had written the production software for Zip2 and PayPal.

Moreover, Musk is a known polymath, moving from one industry to another. He was able to innovate the car industry, as push the progress toward space exploration. It is highly probable for a man like Musk to simply create a cause like Bitcoin for the public.

However, Musk himself has already disproved this theory. As good as it sounds, Musk focused on developing his businesses before anything else.

But Can He Innovate Bitcoin?

Even though Musk is not the Bitcoin inventor, many believe that his ability to scale an idea would benefit the world of cryptocurrency.

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Bitcoin has just hit a massive $10,000 milestone, but has dropped 20 percent and is now back up within 24 hours. There are still many who were skeptical about the use of Bitcoin and they worry that it was just a bubble waiting to burst.

For others, Bitcoin is a new way of life that will become inevitable in the near future, as previously reported in another Inquisitr story.

Elon Musk’s participation in Bitcoin and other cryptocurrencies could give its founders, investors, and users “guidance.” Coming from a standpoint of successfully helming three massive companies, Musk can spearhead the use of Bitcoin in the market.

Bitcoin under Elon Musk
Featured image credit: Mark LennihanAP Photo

Since Bitcoin is just a gateway for faster transactions, just like PayPal, his insights on consumer use would make a lot of sense.

Musk’s Bitcoin intervention could be a key for international acceptance of cryptocurrencies, but there is a slight possibility this might not happen. Musk focuses on immediate issues on human survival, sustainable energy and A.I. safety. For now, Bitcoin may just not be something he could focus on.