Musk Sparks Bitcoin Community Ire with Question about Regulation: ‘NO ELON’

Bitcoin Community Elon Musk Regulation

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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October 23, 2023 09:37 EDT

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Crypto sector social media heavyweights have lashed out at the Tesla supremo Elon Musk after the outspoken entrepreneur piped up on Twitter with a question about regulatory permits for an open source bitcoin (BTC) wallet.

Source: Adobe/Cagkan

In response to a post from Blue Wallet, a bitcoin wallet developer that was showcasing its new “flexible Lightning [Network] implementation written in Rust,” Musk chimed in, asking if “any money transmitter or other licenses” were “needed” to use the solution in the USA.

Musk, who has already stoked the Bitcoin maximalist flames with his Twitter activities this year – jibing the community with jokes about how many bitcoin maxis it takes to change a lightbulb – was immediately swamped with barbs from BTC enthusiasts.

The entrepreneur and podcaster Brad Mills went straight for the jugular, taking aim at Musk’s relentless dogecoin (DOGE) social media championing. He wrote:

“Any broker dealer or any other licenses required to promote shitcoins on Twitter?”

The co-founder and Chief Technology Officer of Casa and long-term BTC proponent Jameson Lopp snarled:

“Get in, loser. We’re transmitting money without a license.”

The Avanti founder Caitlin Long took a (slightly) more level-headed response. When the Castle Island Ventures partner Nic Carter joked that Musk’s attitude to financial regulation was giving him “whiplash,” Long advised Carter to “ignore” Musk, as it was “painful watching him learn in public.” She added that Musk “was around at the beginning of PayPal” and “knows better.”

The Galoy founder and CEO Nicolas Burtey channeled the spirit of the movie Back to the Future.

Where we are going we don’t need license Marty. We have cryptography. https://t.co/YkUE2blvh7 pic.twitter.com/d1JzCU5VqB

— Nicolas Burtey (@nicolasburtey) July 14, 2021

And the engineer and BTC enthusiast Anthony Ronning decided to show the world what the Twitter landscape would look like with Musk edited out of it.

https://www.twitter.com/cycryptr/status/1415157016293789697

The outspoken BTC developer Udi Wertheimer didn’t miss the chance to tell the world’s second-richest man to “have fun staying poor.”

A small army of DOGE enthusiasts also flooded to the thread to make their presence felt.

But the wallet maker perhaps had the most measured of all responses, telling Musk:

“No Elon, non-custodial [and] open source. Just software running on your phone.”

And now, “NO ELON” is another viral thing on Crypto Twitter.

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Learn more: 
– Elon Musk Rages at Wallet, May Land in Hot Water from Regulators
– Dogecoin Fee Structure Proposal Released, Marked ‘Important’ by Elon Musk
– 9 Tweets By Elon Musk and 9 Bitcoin Reactions