Elon Musk Calls Bitcoin Brilliant – He Says BTC Is Better Than Paper Money For Value Transfers
Elon Musk, the founder and CEO of Tesla and SpaceX has gone public with his belief that crypto provides an improved alternative to fiat money.
Crypto – an alternative to fiat money
During a podcast interview with investment firm ARK Invest on Feb. 19, Musk talked about his views on the future of his companies and responded accurately to questions about his thoughts on cryptocurrency.
To that end, Musk said he believes bitcoin’s structure “is quite brilliant,” adding:
“It [cryptocurrency] bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”
Musk also highlighted aspects of the crypto industry that are keeping his companies from getting involved in using and applying the technology.
Speaking about the downsides of crypto in case of BTC he said that he believes its use “of a large computing network to secure its ledger is “computationally energy-intensive,” reports the Info Radar.
He also said that, for a firm that aims to boost the adoption for sustainable energy, it may not be “a good use of Tesla’s resources to get involved in crypto.”
We recommend that you check out what Musk has to say in the podcast.
Elon Musk shows faith in crypto
Back in April, we were reporting that Elon Musk was flaunting his faith in crypto.
The co-founder and CEO of Tesla, Elon Musk has flaunted his powerful faith in digital assets again.
He referred to crypto as his “safe word” as you can see in his tweet.
Musk has been a really strong believer in the digital assets, and it seems that he feels the same as reported by ZyCrypto.
Cryptocurrency is my safe word
— Elon Musk (@elonmusk) April 13, 2019
The same publication recalls that Musk stated a while ago that crypto is the future of money and paper money will definitely eventually disappear.
You may also recall the fact that his public statement that he’s interested in crypto landed him in trouble and he had his Twitter account suspended.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.