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

Tesla-autopilot-crash

Tesla-autopilot-crash

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.

SpaceX to launch Israel's first Moon lander tonight
But Israel's privately funded lunar lander - a first not just for Israel but commercial space - is generating the buzz. Air Force also has a small research spacecraft aboard the rocket, for a one-year mission in orbit around Earth.

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.

Recommended News

  • Three Tory MPs quit party to join Independent Group over Brexit

    Three Tory MPs quit party to join Independent Group over Brexit

    According to some reports, member Luciana Berger said on Channel 4 News that the group had funded the launch themselves. Mrs May said she was "saddened", but her party would "always offer. decent, moderate and patriotic politics".

    In case of emergency break glass for Recessionberg

    Beijing has been trying to restrict imports of coal more generally to support domestic prices. News of the ban sent the Australian dollar tumbling in late afternoon trade.
    Roman Reigns to Return to Raw on Monday and Address His Health

    Roman Reigns to Return to Raw on Monday and Address His Health

    Reigns is seen as John Cena's successor that will become the face of the company after the WWE wrestler-turned actor retires. Though he quickly went into remission at that time, he has been fighting the disease since.
  • Saudi Crown Prince Mohammed bin Salman arrives in China

    Saudi Crown Prince Mohammed bin Salman arrives in China

    In New Delhi on Wednesday, MBS said he expected investment opportunities worth more than $100bn in India over the next two years. However, China has had to walk a fine line, as it also has close ties with Saudi Arabia's regional foe, Iran.
    Pakistan denies involvement in Iran attack

    Pakistan denies involvement in Iran attack

    Iran had initially accused Saudi Arabia and the United Arab Emirates of being behind the attack, which killed 27 Guard members. The province is populated mainly by Sunni Muslim ethnic Baluchis.
    Japan space probe to collect rock from asteroid - CBBC Newsround

    Japan space probe to collect rock from asteroid - CBBC Newsround

    Researchers also hope to find clues into how life started on Earth, according to the report. If that succeeds, the craft would then collect samples to eventually be sent back to Earth.
  • Itoje to miss England´s Six Nations clash with Wales

    Itoje to miss England´s Six Nations clash with Wales

    "At the start of the game, Ben's an industrious player who tackles well", Jones said. Gatland is disappointed by England insisting on the roof being open.
    Microsoft launches new Office app for Windows 10

    Microsoft launches new Office app for Windows 10

    The app is created to bring the Office.com experience onto your PC and it's PWA, so it also works offline like a native app. Now you can access the entire range of office apps whether or not it has been installed on your device.
    Salman Khan replaces Atif Aslam song from his film Notebook; Here's Why

    Salman Khan replaces Atif Aslam song from his film Notebook; Here's Why

    What is the future of the song? At this point of time, the issue in front of the Nation is bigger and it should be solved. I know any artiste or common individual is not responsible for what has happened, but the government is.
  • IS on brink of defeat in Syria enclave

    IS on brink of defeat in Syria enclave

    The SDF took control of the Omar oil field in October 2017, and have turned it into their main base in the area. Many have ended up in camps like al-Hol in northeastern Syria, unsure of what will become of them.
    North Carolina board orders new election in disputed congressional race

    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.
    Photos of Imran Khan, other Pakistani cricketers removed from Chinnaswamy Stadium

    Photos of Imran Khan, other Pakistani cricketers removed from Chinnaswamy Stadium

    He is not coming out openly which means that there are stains in their folds. "We'll be deciding soon how to remove the photo". India and Pakistan have not played any bilateral series since 2008, and have only faced off in ICC multilateral tournaments.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.