Elon Musk Praises Bitcoin But Holds On Whether Tesla Will Get Involved

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The co-founder of Tesla, Elon Musk, has heaped praises on Bitcoin for its revolutionary technology although he categorically said that Tesla will not get involved as of yet.

While appearing in a podcast with Ark Invest, Musk said that paper money has no position in the current age since “cryptocurrency is a far better way to transfer value than pieces of paper.”

Musk And Cryptocurrency

In the past, Musk has been recorded talking about cryptocurrencies in a positive light. Last year, he tweeted about Bitcoin although he later said it was a joke. The tweet led to his account being suspended for a few days.

During the podcast, Musk said:

“Bitcoin and Ethereum scammers were so rampant on Twitter that I said I’d just join in. At some point, I said ‘hey, you wanna buy some Bitcoin?’ And then my account got suspended….And I was just joking”

Although the podcast was largely about Tesla, the cryptocurrency topic popped up towards the end. On Bitcoin and cryptocurrency in general, Musk said:

“I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos.”

Even with such remarks. The Tesla cofounder made it clear that the electric car manufacturer is concentrating on other areas such as sustainable energy and won’t be investing in digital currencies.

Not everything about Bitcoin was good, though.

Musk noted that one of the downsides of Bitcoin is its high energy consumptions when creating new coins. He added that controls need to be established towards this end. The high energy consumption notwithstanding, Musk said he is certain that “paper money is going away.”

To close off the interview, the interviewer thanked him for being a positive change in the world. Replying to the comment, maybe jokingly, Musk said that three things made the world a better place; “social, mobile, [and] crypto.”

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