Why Elon Musk Got Annoyed With Bitcoin?

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Elon Musk joined an X (Twitter) space and expressed his frustrations with Bitcoin (BTC) arguments. However, he agrees with the idea that Bitcoin or some cryptocurrency could be used on Mars.

Bitcoin enthusiasts have been celebrating the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs). However, the Tesla CEO might not share the same sentiments.

Why Elon Musk Believes It’s Difficult to Use Bitcoin on Mars

Elon Musk joined an X space – “ARK 21Shares Bitcoin ETF (ARKB) Approved,” hosted by Ark Invest CEO Cathie Wood. While the community celebrated the approval of spot Bitcoin ETFs, they questioned Musk about using Bitcoin on Mars.

Elon Musk has a vision for the colonization of Mars.

“It would probably make sense to use some kind of cryptocurrency on Mars. Now, you cant use Bitcoin because the reconciliation time is too long. You gotta use some localized thing on Mars.

I think you can perhaps use Bitcoin, but difficult to use it a lot on Mars,” said Musk.

Lastly, Elon Musk started getting frustrated with the discussions on Bitcoin. He said, “If we are getting into annoying Bitcoin arguments, I will sign off.”

Read more: Simplifying the Bitcoin Whitepaper: A Comprehensive Guide

However, in the first half of 2021, Musk was quite vocal about the apex cryptocurrency. In January 2021, he even changed his X (Twitter) bio to “#Bitcoin. Most notably, in March 2021, his company, Tesla, started accepting Bitcoin payments. But in May 2021, he made a U-turn and withdrew Bitcoin as a payment option for Tesla, citing environmental concerns.

However, it is worth mentioning that as of January 2024, Tesla holds around 10,000 Bitcoins. It ranks third in the list of public companies that own Bitcoin.

Read more: Who Owns the Most Bitcoin in 2024?

Public Companies that Own Bitcoin. Source: Buy Bitcoin Worldwide

Do you have anything to say about Elon Musk’s stance on Bitcoin or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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