Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer

Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer

Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer

In a podcast with Cathie Woods, CEO of ARK Invest, an advisory services firm, Musk said that Bitcoin has an unbelievable structure although not with its own disadvantages.

Speaking to the downsides of cryptocurrency, in the case of bitcoin for instance, he said he believes its use of a large computing network to secure its ledger is "computationally energy intensive".

"It's very energy intensive to create bitcoin at this point", he said. "But, I'm not sure if it would be a good use of Tesla resources to get into crypto".

"It bypasses currency controls, and crypto is a far better way to transfer value than pieces of paper".

Tesla is still on track to release Autopilot full self-driving capability before the end of the year, according to CEO Elon Musk. "That's for sure. Without a doubt".

"There has to be some kind of constraints on the creation of crypto". The largest setback of Bitcoin, according to Musk, is the high energy consumed by the specialized computing equipment used when producing a new Bitcoin.

North Carolina board orders new election in disputed congressional race
The State Board of Elections has not certified unofficial results that showed Harris narrowly beating McCready by 905 votes. Harris' comments came a day after his son took the stand in emotional testimony that left his father in tears.

Hours later in another tweet, Musk, however, clarified that he "meant to say" the company's annualised production rate at the end of 2019 could be around 500,000 vehicles - or a production rate of 10,000 cars per week. For the most part, he's kept quiet, as his focus is on other things.

In late October, Musk tweeted out, "Wanna buy some Bitcoin?" which sent the cryptocurrency community into a tizzy, many users excited at the prospect of a fruitful collaboration between the Tesla CEO and others such as Binance's Changpeng Zhao.

In October past year, the billionaire's Twitter account was suspended after he asked one of his followers if they'd like to buy some bitcoin. During the recent podcast, Musk admitted this was a joke that actually got him in trouble and led to his Twitter account getting suspended.

Therefore, it is understandable that Musk is largely quiet about crypto.

As noted by CNBC, Musk made note of Bitcoin's fundamental value propositions as a decentralized currency capable of undermining traditional financial institutions and fiat currencies.

Let us know your thoughts in the comments section below.

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