Technology Minister and Tesla CEO Elon Musk said that Bitcoin's (BTC) structure is "quite brilliant" and that digital currency is "a far better way to transfer value than pieces of paper." Musk made his comments during an interview on advisory service company ARK Invest's podcast on February 19th.
In response to a question about Bitcoin becoming the only native crypto course on the Internet, Musk said that "the Bitcoin structure was quite brilliant" and that he believes "one of the downsides of the crypto is that computationally it is quite energy intensive. There must be some kind of limitations on the creation of cryptos, but it is very energy intensive to make the incremental bitcoin at this point. "
On this note, Musk stressed that" there would be no good use of Tesla resources to get involved in crypto. We just try to accelerate the progress of sustainable energy. "
Musk continued to say that crypto competition" bypasses currency control […] paper money goes away, and crypto is a far better way to transfer value than pieces of paper, it is sure. "
In February, Musk wrote that he only owned 0.25 BTC. He noted in the same tweet that apart from 0.25 BTC a friend had given to him many years ago, "literally he owns [s] zero cryptocurrency."
Previously, large industry players claimed that Bitcoin occupies a unique place like a store of value or "digital gold." Mike Novogratz, a former Goldman Sachs partner and founder of the crypto bank, Digital Digital, said that "Bitcoin will be digital gold, a place where you have superb money, it's not US money, it's not Chinese money, it's superb. Sovereignty costs a lot, it should. "
Twitter founder and CEO Jack Dorsey ̵