Elon Musk suggests that all traditional currencies will become digital by 2030

Twitter CEO Elon Musk has made a bold assumption about the global financial sector. The billionaire suggests that by 2030, which could potentially be the catalyst for Bitcoin and Ethereum, all traditional assets in the world will have their digital counterpart.

The businessman responded to a post by a Twitter user known as @growing_daniel, who said that by the end of the decade, all traditional currencies could be digitized using computer or graphics processing units (GPUs). In particular, the author referred to the fact that cryptocurrency miners, who mine cryptocurrencies on the proof-of-work (PoW) principle, use GPUs to mine digital assets. Also, @growing_daniel referred to the growing trend of digitalization of fiat currency.

In response, the billionaire entrepreneur agreed with the general sentiment, although he clarified that the terminology for the technology underlying the digitalization of assets should be changed: «We should probably stop calling them GPUs, but yeah.»

Statements by influential figures such as Elon Musk could have a significant impact on the cryptocurrency sector, potentially driving up prices for bitcoin BTC $101,862.97 Bitcoin -2.10% Market capitalization $2.02 trillion VOL. 24 hours $5.27 billion and ethereum ETH $3,672.46 Bridged Ether (StarkGate) -4.98% Market capitalization $0.33 billion VOL. 24 hours $3.06 billion , as well as for meme coins.

As a reminder, on the morning of July 13, the XAI cryptocurrency token grew by 750%. This is because Elon Musk announced the official launch of his AI project xAI. The businessman noted that the startup will operate autonomously, but will occasionally have collaborations with other billionaire enterprises.