Elon Musk Believe Bitcoin is Better Than a Paper Money, Calls it ‘Quite Brilliant Structure’

By Tabassum
Published February 20, 2019 Updated February 20, 2019
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Elon Musk Believe Bitcoin is Better Than a Paper Money, Calls it ‘Quite Brilliant Structure’

By Tabassum
Published February 20, 2019 Updated February 20, 2019

Tesla CEO, Elon Musk is the latest high profile to get bullish on Bitcoin – During an ARK Invest’s podcast on Feb 19, 2019, Musk called ‘Bitcoin’s structure is quite brilliant’.

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Founder of Tesla and SpaceX discussed his interesting views on Bitcoin and cryptocurrency. His belief on bitcoin and cryptocurrency at large is that ‘crypto in terms of value transfer is far better than a piece of paper’. He says;

“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.”

Elon Musk

With a strong belief on bitcoin, Musk also discussed the downside of cryptocurrencies – in a similar context, he says ‘Bitcoin is computationally energy intensive’. Addressing the ‘energy’ as pitfalls of digital currency, he doesn’t think the adoption of crypto for his own company would be a clever choice. While Musk is sure on Bitcoin due to its fluid ability to route around trouble’, he has also confirmed that his company is not; While asked,

“Just to clarify, Tesla’s not going to start selling bitcoin? Elon Musk Confirmed “No we are not,

Adding that, Musk told ARK Invest’s Cathie Wood

“It’s very energy intensive to create bitcoin at this point,”

During a podcast, Elon Musk has also recalled how scammers mistreated his profile on Cryptocurrency scams. Earlier his twitter account was used to circulate the promotion of crypto giveaway scams which he recalled and stated that

“Bitcoin and ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin?” Musk said. “Then I got my account got suspended cause obviously there was like some automatic rule that if you try to sell bitcoin or something and I was just joking.”

What’s your stake on Musk’s view? Let us know in a comment below.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Tabassum
562 Articles
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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