Hero of the technology sector and founder behind Telsa and SpaceX, Elon Musk has recently commented during a recent interview that he believes “the Bitcoin structure is quite brilliant” and crypto is a much superior way to transfer value.
Even with this bold statement, Musk doesn’t have any current crypto plans for Tesla.
During a recent interview on the podcast entitled “On the Road to Full Autonomy With Elon Musk,” which was hosted by financial advisory and investment firm Ark Invest, a Tesla shareholder, Musk also commented that “I’m not sure if it would be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advancement of sustainable energy.”
In his interview Musk referred to Twitter’s CEO Jack Dorsey, who’s recently stated his belief that bitcoin would become the dominant currency for the Internet, by saying, “It’s interesting, I have some friends that are really bold in crypto,”
Furthermore, Musk also discussed the topic on what he views are the some of the downsides for crypto, stating that “computationally it is quite energy intensive.”
The interview went on to touch a wide range of topics, Musk also further talked about the possibilities that exist for crypto to revolutionize financial transaction done in Africa. For this continent, business-to-business transactions across borders remain prohibitively expensive mostly due to the difficulties of converting a single African currency to another, according to the host of the show.
Musk agreed with the host by stating “it bypasses currency controls,”, and further stating that, “paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.”
Even so, Musk has held quite the presence in the crypto community mostly due to his positive statements and vision for the crypto industry and how it will affect the future of society.
The Complete podcast can be listened to here.