Bitcoin

Elon Musk: Bitcoin is Brilliant and Crypto is Way Better than Fiat Money

Elon Musk Bitcoin is Brilliant and Crypto is Way Better than Fiat Money

The founder and CEO of Telsa, Elon Musk, have recently said that bitcoin is “quite brilliant.” He stated this during an interview and added that crypto is a way better way of transferring value than paper money.

Bitcoin is “quite brilliant.”

When it comes to technology and innovation Elon Musk has a great reputation. He is a technology entrepreneur and the CEO and founder of Tesla. During an interview with the advisory service firm ARK invest, he seemed very positive to cryptocurrencies. During the interview, he shared his view on the future of his companies and revealed his thoughts about digital assets. He said that paper money will go away and that cryptocurrencies might be a good replacement.

“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.”

He even called the world biggest cryptocurrency, bitcoin, for interesting and quite brilliant. He argued that it is a much better way to transfer value than paper money.

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“Bitcoin’s structure is brilliant, but I don’t think it would be a good use of Tesla’s resources to get involved in crypto,” Musk told Cathie Wood of ARK Invest, which has holdings in the electric car company.

Why will Tesla not use Bitcoin?

However, it is not something Telsa will get involved with because of bitcoin’s large energy consumption. He works hard to boost the adoption of sustainable energy and therefore bitcoin and cryptocurrencies may not be a good use of Tesla’s resources.

“It’s very energy intensive to create bitcoin at this point,” he said.

Even though he spoke highly of bitcoin, he does not own much of it. In a Tweet last February he stated that he only owned 0,25 BTC which he received from a friend. Musk is not the only entrepreneur that find bitcoin interesting. The banking giant JP Morgan recently announced that they would release their own coin, JPM Coin. They will use it within their ecosystem to lower fees and to make their business more efficient.

However, not everyone is positive about cryptocurrencies in general but seem to see a bright future for bitcoin. Barry Silber, the CEO and founder of Digital Currency Group, argued that most cryptocurrencies would go to zero, but that bitcoin might replace gold. The later statement shared with both Mike Novogratz and the Winklevoss twins.

While Musk said that cryptocurrencies are a better way to transfer value than paper money, Tim Draper took the argument a step further. He proposed that within five years, only criminals would use cash.

Image Source: “Flickr”

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