Elon Musk, the CEO of Tesla, an electric car manufacturer, said that the value of crypto is better than that of fiat.
In a podcast with Cathie Woods, CEO of ARK Invest, an advisory services firm, Musk said that Bitcoin has an amazing structure although not with its own disadvantages. The largest setback of Bitcoin, according to Musk, is the high energy consumed by the specialized computing equipment used when producing a new Bitcoin.
However, Musk added that:
[Although] the world’s first and largest digital currency [Bitcoin] is ‘interesting,’ and could be a valuable way to transfer money, I don’t think it would be a good use of Tesla’s resources to get involved in crypto.
Musk seems to be torn between the appealing value of crypto and whether he should be actively involved. Even after making it clear that Tesla is not investing in cryptocurrencies, the CEO has been seen talking about crypto on social media.
For example, towards the end of 2018, Musk mentioned Bitcoin in a tweet. Although he stated that it was just a joke, the Bitcoin community saw it to be more than a joke.
During the podcast, Musk added:
Paper money is going away and the value of crypto is much better than pieces of paper.
Even after portraying Bitcoin in such a positive light, Elon admits that he does not own any cryptocurrency apart from the 0.25 Bitcoins he received from a friend a number of years ago.
Do you think Musk’s comments that the value of crypto is better than paper money is an indication the Tesla CEO will at one point invest in crypto?
Let us know your thoughts in the comments section below.