Technology entrepreneur and CEO of Tesla, Elon Musk said that Bitcoin’s (BTC) structure is “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.” Musk made these remarks during an interview on advisory services firm ARK Invest’s podcast yesterday.
The perception of Elon Musk
Musk said that “the Bitcoin structure was quite brilliant,” and that he thinks that “one of the downsides of crypto is that computationally it is quite energy intensive. So there haveIn response to a question about whether Bitcoin will become the only native cryptocurrency of the Internet
to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create the incremental Bitcoin at this point.”
Musk stressed that “it would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advancement of sustainable energy.”
“bypasses currency controls […] paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.“Musk continued saying that cryptocurrency
Musk tweeted that he only owned 0.25 BTC last February and in the same tweet he noted that apart from the 0.25 BTC that his friend had given to him “many years ago”, he “literally owns zero
The perception of major industrial players
Major industry players have always argued to the fact that Bitcoin occupies a unique place as a store of value or “digital gold.” Mike Novogratz, former Goldman Sachs partner and the founder of crypto merchant bank Galaxy Digital, said that “Bitcoin is going to be 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.”
Twitter co-founder and CEO Jack Dorsey — who is known for his conviction that Bitcoin will become the “native currency of the Internet” — said earlier this month that “[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 [the altcoin space] has generated some really amazing ideas, but I’m focused on currency and the transactional aspect.”
Will Elon’s perception come into reality?
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