Elon Musk Talks about Bitcoin on the ARK Invest Podcast, says Paper money is going away
World’s most popular entrepreneur Elon Musk talked about Bitcoin in a recent podcast, he called it brilliant and predicted that paper money will eventually go away.
Elon’s experience with Crypto is somewhat limited to the twitter where scammers impersonated him to convince people to send their ETH. He even got blocked one time when he jokingly mentioned that he was selling Bitcoin on Twitter.
In a recent episode of Ark invest’s FYI podcast, host Cathie Wood asked Elon about Crypto to which he initially replied: “Ahaa, Crypto seriously?”. He recollected the time when he got his account suspended on Twitter and then went on to explain his stance on Bitcoin.
“I mean I think the bitcoin structure was quite brilliant. It seems like there’s some merit to Ethereum as well, and maybe some of the others. But, you know, I’m not sure if it would be a good use of Tesla resources to get into crypto”
It is known that Elon is clean energy proponent and is not a fan of energy wastage. He points out the energy-intensive nature of Bitcoin which uses the Proof of Work consensus algorithm.
“I think actually one of the downsides of crypto is that computationally, is that it’s quite energy intensive. So there have to be some kind of constraints on the creation of crypto. So, but it’s very energy intensive to create an incremental bitcoin at this point.”
The host points out even though it is energy intensive it is responsible for Billions of dollars in transactions every year and is a tool for businesses to transfer wealth across the world. He says:
“It [crypto] bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”
Other prominent entrepreneurs like Twitter’s Jack Dorsey believe that the internet is going to have a native currency. Jack even said that he believes Bitcoin is most likely to be that native currency.
Although the Crypto community did not succeed in passing the Lightning torch to Elon it is refreshing to listen to his limited yet enlighting opinion on Bitcoin.
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