Business
Bitcoin is cash, not gold, of the future: Elon Musk – The Australian Financial Review
The Tesla boss is promoting his new found love of bitcoin, which has helped it double in value in 2021 to a new record high above $US58,000 over the weekend.
For example, stocks, bonds, decentralised cryptocurrencies, and other liquid assets could be instantaneously exchanged for everyday goods and services like coffees or holidays in the future with no need for money.
This is because the blockchain technology on which crypto is based can instantly verify the creditworthiness of two counterparties at the time of transfer.
But even if money in the form of cash and electronic payments disappeared from the financial system as a means to barter or transfer…
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