Elon Musk: Bitcoin has a ‘pretty bright’ structure, paper money is disappearing

Elon Musk, technology entrepreneur and CEO of Tesla, said the structure of Bitcoin (BTC) is “quite bright” and that digital currency is “a much better way to transfer value than pieces of paper”. Musk made his comments during an inter view on the podcast of the consulting services firm ARK Investon February 19.

In response to a question about whether Bitcoin becomes the only native cryptocurrency on the Internet, Musk said that “Bitcoin’s structure was quite bright”, and that the thinks “one of the drawbacks of crypto is that, from the point of view computationally, it requires a lot of energy, so there have to be some kind of restrictions on the creation of crypts, butit takes a lot of energy to create Bitcoin at this point”.

In this regard, Musk stressed that “it would not be a good use of Tesla’s resources to get involved in crypto, we are trying to accelerate the advance of sustainable energy.”

Musk went on to say that cryptocurrency”overlooks monetary controls, paper money is disappearing, and crypto is a much better way to transfer value than pieces of paper, that’s for sure”.

Last February, Musk tweeted that he only owned 0.25 BTC. He noted in the same tweet that apart from the 0.25BTC that a friend had given him “many years ago”,”literally possesses zero cryptocurrency”.

 Previously, the main players in the industry also argued that Bitcoin occupies a unique place as a store of value or “digital gold”. Mike Novogratz, former partner of Goldman Sachs and founder of the cryptobank merchant Galaxy Digital, declared that “Bitcoin is going to be digital gold, a place where you have sovereign money, it is not American money, it is not Chinese money, it is sovereign money. It costs a lot, it should”

The CEO and co-founder of Twitter, Jack Dorsey – who is well known for his conviction that Bitcoin will become the “native currency of the Internet” – said earlier this month that “[Bitcoin] feels that it is the most it wants tobe currency, as opposed to others that are doing more general-purposeor distributed computing. I think that the space of alternative currencies has generated some really amazing ideas, but I’m focuse don the aspect of currency and in the transactional aspect”.

 Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest.

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