Elon Musk who is the CEO and founder of SpaceX company has shared his opinion that cryptocurrencies are a more advanced alternative for traditional money.
Elon Musk Calls Bitcoin “Brilliant” | Here’s Why He’s Optimistic
Elon Musk: “Bitcoin is a lot better than conventional money in value transfers.”
During a Podcast interview with ARK Invest company on 19th of February, Elon Musk mentioned his opinions and projections on his companies. Additionally, he also expressed his beliefs on the cryptocurrencies.
Elon Musk, CEO of Tesla, has officially gone public with his belief cryptocurrency offers an improved alternative to conventional money.
— CoinDesk (@coindesk) February 20, 2019
For this purpose, Elon Musk stated that Bitcoin had got a robust technological infrastructure:
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.
Above all, Elon Musk also pointed out the obstacles which prevent him to implement crypto technologies in his industries.
He emphasises that the energy consumption for Bitcoin production is at the extreme levels
For example; he criticised the excessive use of energy for the operation of the giant computer network to secure the ledger. He believes that this is the main disadvantage of the crypto money system and can be improved.
He also expressed his companies’ targets on increasing the adaptation of sustainable energy. He added, “Tesla’s source usage for being an actor of the crypto sector may not be feasible and efficient.”
“It’s very energy intensive to create bitcoin at this point,” he mentioned.Musk’s above declarations were not the only ones up to now. He has published a confusing tweet on purchasing Bitcoins last October. And this caused many speculations in social media.
Last but not least, many scammers tried to steal Twitter users’ money by fake Elon Musk accounts and messages.
His opinion on the above matter is below:
Bitcoin and ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin?
