Elon Musk Predicts Growth of Crypto

  • One of the prominent crypto supporters Elon Musk talks about the growth of crypto.

  • Musk has advocated for limiting fiat usage in order to promote crypto adoption.

  • Experts believe Musk's words were made in response to the Nigerian Central Bank's move.

08 Dec 2022 By: Ashish Sarswat
Elon Musk Predicts G

Yesterday, Tesla and SpaceX CEO Elon Musk, who recently acquired the 

Micro-blogging platform Twitter, talked about the growth of crypto. Musk anticipates that if the fiat currency becomes overly restrictive, crypto will thrive.

The "Doge Father" asserted that if governments all over the world limit the usage of fiat currency, cryptocurrency adoption would undoubtedly accelerate in the future.

Experts believe Musk made his statement after the Central Bank of Nigeria imposed a cap on ATM withdrawals for individuals and companies in order to boost the adoption of Nigeria's CBDC, eNaira. Others anticipate that this will transpire with the introduction of the term "Twitter Coin."

Musk’s Crypto Future Anticipation

Elon has long been a vocal supporter of cryptocurrencies, particularly Bitcoin and Dogecoin. Musk's remarks about the crypto market are significant in influencing the price of cryptocurrencies.

In addition, Musk's words have triggered several community debates, one of which you can witness right now following his remarks on fiat vs. crypto usage.

As CoinGabbar earlier reported, the CBN has imposed a weekly ATM withdrawal limit of $225 for individuals to increase the adoption of a central bank-backed digital currency.

The move from CBN sparked a debate in the crypto community about the usage of digital assets being forced by Central Banks. That’s why experts predict that Musk also wants to say that the only option to boost crypto adoption is by putting a limit on the usage of fiat currency.

Meanwhile, the Dogecoin community believes that Musk’s remarks came in response to the unveiling of the term "Twitter Coin," which is basically the upcoming native token of Twitter or an alternate term for calling Dogecoin on Twitter.

As we all know, after acquiring Twitter, Musk repeatedly noted that the social media platform Twitter would soon incorporate a crypto payment mechanism, which would include Dogecoin.

However, there is no conclusive confirmation of what Musk is referring to, whether it is the Twitter payment solution or the CBN's new fiat currency limitations. 

What do you think, will governments limit the usage of fiat currency to increase the adoption of CBDCs/Cryptocurrencies in the future? Share your views in the comment section below.

Read also: NFTs are Legal and Crypto is Not: China’s Court Protecting NFTs