Elon Musk: Paper Money is Going Away Because Of Bitcoin’s Brilliant Structure

Elon Musk Paper Money is Going Away Because Of Bitcoins Brilliant Structure

Digital currency is “a better way to transfer value,” while Bitcoin has a “quite brilliant” structure, stated Tesla CEO Elon Musk.

Technology business owner and Tesla CEO Elon Musk said that Bitcoin’s (BTC) structure is “quite brilliant” which digital currency is “a far better way to transfer value than pieces of paper.” Musk made his remarks during an interview on advisory services firm ARK Invest’s podcast on Feb. 19.

In reaction to a question about whether Bitcoin becomes the only native cryptocurrency of the Internet, Musk stated that “the Bitcoin structure was quite brilliant,” and that he thinks that “one of the drawbacks of crypto is that computationally it is quite energy extensive. So there need to be some type of restrictions on the development of crypto. But it’s very energy extensive to create the incremental Bitcoin at this moment.”

Tesla won’t be getting involved with cryptocurrency any time soon

The CEO says bitcoin is intriguing, however not presently on Tesla’s road map. On this note, Musk stressed that “it would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advance of sustainable energy.”

Musk continued stating 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.”

Last February, Musk tweeted that he just owned 0.25 BTC. He noted in the very same tweet that apart from the 0.25 BTC a good friend had actually given to him “many years ago”, he “literally own[s] zero cryptocurrency.”

Despite tweeting about bitcoin, Elon Musk states his electrical cars and truck company is staying away from cryptocurrencies. Bitcoin acquired mainstream prestige and an enthusiastic group of financiers at the end of 2017 as it soared to nearly $20, 000. The price has actually dropped more than 80 percent since, and was trading near $3, 900 on Tuesday, according to data from CoinDesk.

Musk highlighted bitcoin’s ability to bypass currency controls and change paper versions. But he also indicated defects, consisting of the energy involved with “mining.” To develop new bitcoin, individuals use high-powered computer systems to solve an intricate mathematics issue. The winner gets one bitcoin.

bitcoin-digital-goldPreviously, significant market gamers likewise argued that Bitcoin inhabits a distinct place as a store of value or “digital gold.” Mike Novogratz, a previous Goldman Sachs partner and creator 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.”

Twitter co-founder and CEO Jack Dorsey– who is well known for his conviction that Bitcoin will become the “native currency of the Internet”– said previously this month that” [Bitcoin] feels like it’s the one that wishes to be the top currency, versus others that are doing more basic function things or distributed computing […] I believe [the altcoin space] has actually created some truly remarkable concepts, however I’m concentrated on currency and the transactional element.”

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