Elon Musk: Bitcoin Has Quite the Brilliant Structure

The founder of PayPal and CEO of Tesla, SpaceX and SolarCity Elon Musk spoke recently about Cryptocurrencies. As always, the opinion of Elon Musk on every single topic is quite interesting. Elon Musk spoke earlier this year in an interview on the ARK Invest podcast on February 19th and referred to Bitcoin for having “quite the brilliant structure.”
According to him, Digital Currencies are a far better and convenient way to transfer value than pieces of paper. He believes that Digital Currencies and Blockchain technology have a brilliant structure that needs more development, but on the downside Bitcoin is very CPU and Energy expensive and intensive. He stated:
“The Bitcoin structure is quite brilliant… one of the downsides of most Cryptocurrencies is that computationally they are quite energy intensive. So there have to be some kind of constraints on the creation of Digital Currencies. But it’s very energy expensive to create the incremental Bitcoin at this moment.”
Elon Musk is pro-crypto
Elon Musk also added that it wouldn’t be of Tesla’s interest to involve resources in involving themselves in Crypto and continue to accelerate the advance of sustainable energy. He added:
“Digital Currencies bypass currency controls, which will be fixed in the future. Paper money are going away and Crypto is a far better way to store and transfer value than just pieces of paper, that’s for sure.”
On his own Crypto holdings, Elon Musk tweeted recently that he only owns 0.25 BTC. They were given to him by a friend, but other than that he owns zero Digital Currencies. The Tech community is mostly favorable on the Crypto topic. Twitter CEO Jack Dorsey said earlier this month:
“Bitcoin feels it’s the one that wants to be currency the most, versus others that are doing more general purpose things or distributed computing… I think altcoins have generated some really amazing ideas, but I’m focused on currency and the transactional aspect.”
Bitcoin occupies a special place as a store of value for the whole Digital Currency community. Bitcoin acts as digital gold and it will further cement its spot. Mike Novogratz has recently stated:
“Bitcoin is going to be the digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should!”
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