Elon Musk Praises Bitcoin, Says Paper Money Will Fall Apart

Elon Musk has maintained that cryptocurrencies provide a far better method to transfer value than “pieces of paper”. He expressed his views in an interview on advisory services firm ARK Invest’s podcast.

When he was asked whether Bitcoin could be regarded as the only native digital asset of the internet, he replied that indeed its structure was brilliant. However, he pointed out its downside, being that computationally it is incrementally energy intensive. He added that there must be some constraints on the creation of digital assets.

It was this consideration that meant that his company, Tesla, would probably not get involved in crypto-related businesses, focusing instead on its main aim to “accelerate the advancement of sustainable energy”.

Musk did reiterate the importance of digital assets by saying that crypto offers a far better method to transfer value than paper currency, believing the future of the latter to be in danger.

Although Musk is a fan of the efficiency of cryptocurrency, he claims to own none of it, save BTC 0.25 he says was given to him by a friend.

Apart from Musk, leading industrialists and entrepreneurs have predicted that Bitcoin will act as a digital gold. Mike Novogratz, founder of crypto merchant bank Galaxy Digital maintained that it is neither US nor Chinese money. it is sovereign money. On the other hand, Twitter co-founder, Jack Dorsey, stated that BTC is the only digital asset which has kept its focus on being a currency.

Published on: 2/23/19, 12:04 PM