Bitcoin News

Elon Musk: ‘Paper money is going away,’ value of crypto is better

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.

Bitcoin has recently occupied the center stage with its supporters like Mike Novogratz and Jack Dorsey pointing out that Bitcoin will be the digital gold and the currency of the internet.

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.


Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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