Elon Musk, founder and CEO of Tesla and SpaceX, has officially become public with its belief that cryptocurrency offers an improved alternative to conventional money.
In a podcast interview with the investment firm ARK Invest on February 19, Musk spoke of his views on the future of his companies and responded specifically to questions about his cryptocurrency thoughts.
For that purpose, Musk said he thinks bitcoins structure "is quite brilliant", adding:
"It [crypto] bypasses currency control … paper money goes away. And crypto is a far better way To transfer values than a piece of paper, that's for sure. "
That said, Musk also pointed out parts of the industry that keep the companies from getting involved in using and using the technology.
For example, when talking about cryptocurrency, he said bitcoin that he believes the use of a large computing network to ensure that the main box is "computational energy intensive". He added a company that aims to increase adoption for sustainable energy, it may not be "a good use of Tesla's resources to get involved in crypto."
"It is very energy-intensive to make bitcoin at this point," he said.
This is especially not the first time Musk had made remarks about cryptocurrency. In October last year, he created a mysterious tweet about buying bitcoin that whipped up speculation on social media.
Musk has also been impersonated several times on Twitter by scammers who have tried to use the profile's similarity in crypto problems, a development he noted in his remarks.
"Bitcoin and ethereum scammers were so violent on Twitter I decided to join and I said at some point would you buy some bitcoin?" he said.
Listen to the whole interview here.
Elon Musk picture via Shutterstock