Categories: BitcoinNews

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.

He said:

“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.

Also Read:


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago