The famous tech mogul, co-founder of PayPal and CEO of Tesla, Elon Musk, is in the cryptocurrency news for talking about Bitcoin and its structure, saying that it is “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.”
In an interview with the advisory services firm ARK Invest’s podcast on February 29th, Musk said that “the Bitcoin structure was quite brilliant,” and that he thinks that “one of the downsides of crypto is that it is quite energy intensive.”
“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,” Musk said.
On this note, he also 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.”
He continued commenting cryptocurrencies and how they “bypass currency controls while paper money is going away – which is why crypto is a better way to transfer value than pieces of paper, that’s for sure.”
Last February, Musk said that he only owned 0.25 BTC which a friend had given to him “many years ago” which translates to him literally owning “zero cryptocurrency.”
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