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Elon Musk and Joe Rogan Discuss Problems With Traditional Currencies

In a current interview with podcaster Joe Rogan, Elon Musk bashed inflation — an issue that Bitcoin fixes.

A few of the present U.S. inhabitants sees the economic system as an ever-flowing reward basket that can persevering with offering necessities even whereas the nation is shut down from its common work move, Musk advised Rogan on Might 7. 

“This notion although, which you can simply type of ship checks out to all people and issues will likely be superb, is just not true,” Musk mentioned referring to stimulus cash the U.S. authorities despatched to residents.

The federal government can not logically maintain its cash printing efforts

In an try to proper the at the moment struggling monetary shift, the U.S. authorities has taken the cap off its cash printer, placing a $2 trillion stimulus bundle in play.  

Merely printing cash whithout producing items or providers doesn’t work, in keeping with Musk. “In case you do not make stuff, there is no stuff,” he mentioned. “You possibly can’t simply legislate cash and resolve these items.”

Bitcoin solves this

Constructed with a restricted most 21 million coin provide, Bitcoin doesn’t permit inflation. The one inflation seen in Bitcoin lies in its mining reward, which provides to its circulating provide from its most cap. Wanting a consensus-driven exhausting fork to Bitcoin’s blockchain, that cap can by no means be raised.    

Musk and Rogan failed to say Bitcoin throughout the prolonged two hour interview nevertheless, in keeping with a transcript scan of the chat. 

Gold bug Peter Schiff additionally weighed in on the interview with a tweet on Musk’s feedback. “As soon as international demand for {dollars} crashes, and we won’t import the stuff others make, there’s additionally no stuff,” Schiff mentioned, additionally failing to say Bitcoin as part of a potential resolution. 

Schiff has made a reputation for himself as an anti-Bitcoin persona. Musk solely reportedly owns roughly 0.25 BTC himself, as of 2019. 

The post Elon Musk and Joe Rogan Discuss Problems With Traditional Currencies appeared first on The Bulletin Time.