Elon Musk backs prediction that could trigger Bitcoin boom

Musk agrees that all currencies could be backed by computer processors by 2030

Tech billionaire and Twitter owner Elon Musk is backing predictions that could see a Bitcoin and Ethereum boom.

 Musk agrees with a prediction that could see all currencies backed by computer processors by 2030.

A Twitter user posted: “By 2030 all currencies will be backed entirely by GPUs, which five years ago would've sounded like a crypto prediction.”

 Musk responded to the tweet saying “We should probably stop calling them GPUs, but yeah.”

Graphics processing units (GPUs) were originally designed to accelerate computer graphics and image processing in video games. However, artificial intelligence (AI) developers have adopted them, sending stock values of GPU companies, like manufacturer Nvidia, soaring.

 Bitcoin and Ethereum prices have seen a large surge this year and with these predictions a new boom could surface.

The Bitcoin Price, which crashed last year during the crypto winter has seen a large surge this year, adding 50% to its value so far, sustaining itself over $30,000. Ethereum is also on the up, with it rising to $1,951 from lows of $1,600 a month earlier.

In April, it was reported that Musk had purchased nearly 10,000 GPUs which was thought to further his AI projects at Twitter.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.