{"id":36791,"date":"2021-02-21T10:40:33","date_gmt":"2021-02-21T08:40:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36791"},"modified":"2025-08-29T08:04:52","modified_gmt":"2025-08-29T05:04:52","slug":"elon-musk-explains-to-peter-schiff-what-money-is","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/elon-musk-explains-to-peter-schiff-what-money-is\/","title":{"rendered":"Elon Musk explains to Peter Schiff what money is"},"content":{"rendered":"<p>Tesla founder responded to the Bitcoin skeptic and gold advocate Peter Schiff about what constitutes real money, taking the side of cryptocurrency.<!--more--><\/p>\n<p>The CEO of Euro Pacific Capital cited Musk&#8217;s recent tweet in which he called Bitcoin &#8216;as much nonsense as fiat&#8217;.<\/p>\n<blockquote>\n<p>\u201cI agree and simply think that Bitcoin, which is digital fiat, is even more nonsense than central-bank-issued fiat. Gold is not nonsense. It is real money and better than both,\u201d Schiff said.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">An email saying you have gold is not the same as having gold. You might as well have crypto.<\/p>\n<p>Money is just data that allows us to avoid the inconvenience of barter.<\/p>\n<p>That data, like all data, is subject to latency &#038; error. The system will evolve to that which minimizes both.<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1363007438455074825?ref_src=twsrc%5Etfw\">February 20, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>An email stating that you own gold does not mean you physically own the metal, Musk noted in response. In the same way, you can own cryptocurrency, he added.<\/p>\n<blockquote>\n<p>\u201cMoney is simply data that allows us to avoid the inconveniences of barter. This data, like all data, is subject to latency and errors. The system will evolve to minimize both,\u201d Tesla CEO said.<\/p>\n<\/blockquote>\n<p>In early February it became known about his company&#8217;s investment in <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musks-tesla-invested-1-5-billion-in-bitcoin-the-assets-price-rose-to-44800\">Bitcoin worth $1.5 billion<\/a>. Musk recently <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-calls-teslas-bitcoin-investment-quite-risky\">called these investments &#8216;quite risky&#8217;<\/a> and hinted that it was not his decision.<\/p>\n<p>However, the founder of Tesla and SpaceX has repeatedly supported the leading cryptocurrency on Twitter. For example, earlier he <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-posts-bitcoin-hashtag-on-twitter-as-cryptocurrency-climbs-to-38000\">posted a Bitcoin hashtag<\/a> in his profile description. The day before, Musk <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-joins-bitcoin-meme-tied-to-100000-price-target\">joined a flash mob<\/a> with a reference to the asset&#8217;s price rising to $100,000.<\/p>\n<p>Earlier in October, Schiff said that the speculative bubble around Bitcoin surpassed the hype in dot-com and mortgage markets.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full feed of news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla founder responded to the Bitcoin skeptic and gold advocate Peter Schiff about what constitutes real money, taking the side of cryptocurrency.<\/p>\n","protected":false},"author":1,"featured_media":36792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1217,1138,1298],"class_list":["post-36791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-elon-musk","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"63","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=36791"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36791\/revisions"}],"predecessor-version":[{"id":36793,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36791\/revisions\/36793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/36792"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=36791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=36791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=36791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}