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Bitcoin Bypasses Currency Controls, Paper Money Going Away: Elon Musk

21 Feb 2019

In recent times, podcasts have emerged as the new favourite platform for entrepreneurs to air their views on bitcoin and other cryptocurrencies.The latest ‘celebrity’ to join in the fray is Elon Musk who waxed poetic about the numerous possibilities of bitcoin. In a podcast with advisory services firm ARK Invest, Musk said, “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.” When asked if Bitcoin was the only native cryptocurrency on the Internet, Musk said, “The Bitcoin structure was quite brilliant. However, one of the downsides of crypto is that computationally it is quite energy intensive. So 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.”He added that at this point it was not a good idea for Tesla to get into cryptocurrency. He said, “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.”Musk added, “Cryptocurrency bypasses currency controls […] paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.”In October, Elon Musk had surprised the community when he sent out a cryptic tweet, asking people if they wanted to buy bitcoin.Wanna buy some Bitcoin? ?? pic.twitter.com/9ZbBJ5fuVq— Elon Musk (@elonmusk) October 22, 2018Recently, Twitter co-founder, Jack Dorsey had said, “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.” Earlier he had said, “It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.” (It) does not have the capabilities right now to become an effective currency,” while promoting his cryptocurrency app, Square.Liked what you read? Join us on Telegram

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