Tech billionaire Elon Musk finally spoke up on cryptocurrencies, saying that he believes that digital currency is a better alternative to conventional paper currency.
Talking during a podcast interview with investment firm ARK Invest on February 19, he said that Bitcoin’s structure was “quite brilliant.”
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“It [crypto] 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,” said the Tesla CEO.
Musk, however, also pointed out a few drawbacks of cryptocurrencies and said: “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.”
Commenting on Tesla’s future plans in the crypto sector, he said: “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.”
“Wanna Buy Some Bitcoin?”
Though it is the first time he presented his views on digital assets, in last October, he suddenly tweeted about buying Bitcoins which created a spark in the crypto community.
Wanna buy some Bitcoin? ?? pic.twitter.com/9ZbBJ5fuVq
— Elon Musk (@elonmusk) October 22, 2018
Explaining his mysterious burst on Twitter, he said: “Bitcoin and Ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin?”
Apparently, he was impersonated several times on Twitter by the fraudsters to siphon cryptocurrencies from vulnerable crypto holders.
Techies on Crypto
The SpaceX founder is not the only Silicon Valley celebrity to give bullish remarks on Bitcoin. Earlier this month, Twitter CEO Jack Dorsey, in an interview, said that he believes Bitcoin will be the internet’s “native currency.”
“I believe the internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created,” Dorsey said.