Musk tries to explain Bitcoin to JK Rowling, attacks central banks - Business Insider

A composite photo showing Elon Musk at a conference in March 2020 and J.K. Rowling at a film premiere in December 2019.JK Rowling asked Twitter to explain bitcoin to her, and was bombarded by replies — including from Elon Musk.In the process, he took a swipe at conventional central banks, which he said had undermined their credibility and made even bitcoin "look solid by comparison."

Many of these have been expanded in an attempt to mitigate the economic fallout of the coronavirus pandemic.Elon Musk intervened in a Twitter thread to attempt to explain bitcoin to J.K. Rowling, and ended up attacking central banks whom he said made the cryptocurrency "look solid by comparison." Unlike traditional currencies, it is not tied to a central bank controlled by a government, and instead is regulated by complicated mathematics and a public log — called a blockchain — of all transactions., a single Bitcoin was worth almost $20,000 in December 2017. Its price at the time of writing was around $9,410.Rowling eventually gave up trying to understand bitcoin, posting a tweet that implied that she was no longer interested.

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