Elon Musk, a technology entrepreneur and the CEO of Tesla praises Bitcoin’s (BTC) structure calling it “quite brilliant”. He also went on to add that digital currency is “a far better way to transfer value than pieces of paper.”
These remarks were made during an interview on advisory services firm ARK Invest’s podcast on Feb. 19. When the question of BTC arose, Musk stated that “the Bitcoin structure was quite brilliant.” Though he also pointed out that “one of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create the incremental Bitcoin at this point.”
Telsa and Bitcoin
Furthermore, musk elaborates why his company does not diverse in the crypto ecosystem, “it would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advancement of sustainable energy.” He added that cryptocurrency “bypasses currency controls […] paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.“
Just last year Musk opened about BTC and told via a tweet that he only owns 0.25 BTC, which is a gift from a friend.
Not sure. I let @jack know, but it’s still going. I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago.
— Elon Musk (@elonmusk) February 22, 2018
Several notable personalities have vocally supported cryptocurrency, especially BTC and the future it entails. Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital stated that
Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
Sharing a similar sentiment as Novogratz, Twitter co-founder and CEO Jack Dorsey assert that Bitcoin will become the “native currency of the Internet”. He expressed this just earlier this month.