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Cryptocurrency News Articles
Tesla’s Push Into Automation Could Be the Catalyst for Widespread Stablecoin Adoption, Says Anthony Pompliano
Oct 15, 2024 at 07:30 am
Anthony Pompliano, founder of Professional Capital Management, believes Tesla's push into automation could be the catalyst for widespread stablecoin adoption.
Anthony Pompliano, founder of Professional Capital Management, believes Tesla’s push into automation could be the catalyst for widespread stablecoin adoption.
In a recent post, Pompliano highlighted Tesla’s new autonomous vehicles and humanoid robots, introduced at the company’s Robotaxi Day event, as a potential turning point for digital currencies.
He argued that these innovations could lead to a new era in which stablecoins become the primary transaction medium in a machine-driven economy.
Tesla’s advancements = more stablecoin use cases
Tesla, led by CEO Elon Musk, unveiled a range of products at the event, including a driverless Cybercab, a larger Robovan, and its Optimus humanoid robots.
According to Pompliano, these machines represent more than just advancements in automation — they signal the need for a new type of currency that can facilitate seamless, low-cost transactions between machines.
Pompliano told Yahoo Finance that this stablecoin need is similar to the introduction of E-Z Pass, where stablecoins could act as the “digital checking account” for autonomous systems.
“People or machines aren’t going to want to spend their Bitcoin,” Pompliano said in an interview with Yahoo Finance. “If Bitcoin is going to be more valuable in the future, they’re going to save it. Instead, they’ll use digital stablecoins for transactions.”
Stablecoins are digital currencies pegged to stable assets, often the U.S. dollar or other fiat currencies, to avoid the volatility seen in cryptocurrencies like Bitcoin (BTC). Their value remains stable, making them suitable for day-to-day transactions.
In recent years, stablecoins such as Tether (USDT) and USD Coin (USDC) have gained prominence as a way to send money quickly and securely across borders, often with lower fees than traditional banking systems.
Pompliano also pointed out that banks are paying closer attention to stablecoin adoption. As automation accelerates, he predicts stablecoins will become the preferred currency for machine transactions.
He suggested that the rise of robotics and automation, like that of Tesla, combined with the use of stablecoins, represents a new trend that investors should watch closely.
“My guess is there will be a large uptick in usage for stablecoins as a result of these technologies coming into production. Bitcoin will be for saving economic value and stablecoins will be for spending. The digital rails that stablecoins exist on allow for cheaper and faster transactions.”
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- The world of coin collecting has seen a surge in interest over the years, with certain rare coins fetching eye-watering prices at auctions and on marketplaces like eBay. Among the most sought-after coins in the UK are 50p pieces, particularly those that feature unique designs or commemorate significant national events.
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- XRP (XRP) Keeps Attracting Interest With Its Increasing Price Trajectory as Rexas Finance (RXS) Emerges a Possible Rival
- Nov 23, 2024 at 04:25 am
- XRP has increased 4.34% over the previous 24 hours, raising its market capitalization above $65 billion. With analysts speculating about the likelihood of a major price breakout, this little movement has driven forecasts that XRP might shortly break $1.50. But another growing star in the crypto scene while the globe observes XRP’s every action is Rexas Finance (RXS). A Ripple millionaire sees this coin as a major rival to XRP’s supremacy since he believes it might soar by an amazing 19,900% to $16 in the next 70 days or less.