paper money elon musk

Elon Musk, CEO of SpaceX and Tesla recently spoke on cryptocurrency and gave his opinion on it. During a podcast with ARK invest, Elon Musk spoke on his views of the future of his companies and even responded specifically to questions regarding what he thinks about cryptocurrency.

In light of this, Musk said he actually believes bitcoin’s structure is “quite brilliant”. He followed this by saying:

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.

In addition to this, Elon Musk also points out the parts of the cryptocurrency industry that keep him from dabbling with the technology.

I think actually one of the downsides of crypto is that computationally, is that it’s quite energy intensive. So there have to be some kind of constraints on the creation of crypto. So, but it’s very energy intensive to create an incremental bitcoin at this point.

For Tesla, a company with the goal of boosting global adoption of sustainable energy, wasting all of it on the creation of some Bitcoins doesn’t seem like a step in the right direction.

Elon Musk or Scam?

This isn’t the first time Elon Musk has made remarks about cryptocurrency. Just last year in October, Musk made a mysterious tweet, saying “wanna buy some bitcoin?” in no context. Speculation began to brew on social media, and Musk even saw his account suspended.

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

But, you can’t blame Twitter for suspending his account. Many hackers on twitter have swindled unsuspecting victims out of their money by impersonating Elon Musk.

Regardless, what do you think this means for crypto? Are people becoming more open to the ideas of cryptocurrency and the technology behind it? Or is there still a long way to go before we get some real adoption? Let us know your thoughts in the comments below!

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