Elon Musk Tried His Best To Explain Bitcoin To Harry Potter's Author

Anil - May 20, 2020

Elon Musk appeared in a Twitter thread with the aim of giving the best explanation for Bitcoin to J.K.Rowling.

Recently, Elon Musk appeared in a Twitter thread with the aim of giving the best explanation for Bitcoin to J.K.Rowling. His purpose seemed simple at first; however, by claiming central banks were making bitcoin "look solid" in comparison with other currencies, he turned out to cause offense.

Elon Musk 1 — J.K. Rowling is the author of Harry Potter.

The story started by Musk’s interruption in the sequence of replies after Rowling had tweeted that she didn’t understand bitcoin and needed explaining, in which both bitcoin advocates and critics competed to give their own definitions for cryptocurrency.

An important feature mentioned there was bitcoin is not controlled by any governmental central bank. Instead, it is established based on complex mathematics and a public log, which is called a blockchain, of all transactions.

Elon Musk 2 — Bitcoin is not controlled by any central bank.

Although it’s supported by many advocates, it has not been used very widely. Even the author of the world-famous series got rid of gaining a clear understanding of this type of cryptocurrency.

In reply to Rowling’s later tweet claiming that she had been tired of bitcoin and other things, Musk expressed his agreement on her point of view but simultaneously added his complaint about the control of traditional central banks over cryptocurrency.

Elon Musk 3 — Musk complained about the control of traditional central banks over cryptocurrency.

Elon Musk blamed central banks for making bitcoin seem "more solid" as compared to other currencies. This may be caused by the financial crisis in 2008, which forced banks to apply a huge program of quantitative easing that investing a great amount of money into the economy to reform it. As a result, not only were the interest rates severely decreased to historic lows but the financial markets were distorted as well.

However, the COVID-19 pandemic has witnessed a huge renewal of many banks in easing their programs. According to an April report by Fitch Ratings, central banks all over the world had committed to easing programs that worth 6 trillion dollars.

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