Elon Musk: Crypto Is “A Far Better Way To Transfer Value Than Pieces Of Paper

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Despite the fact that he almost doesn’t own any cryptocurrency, the technology entrepreneur and CEO of Tesla Elon Musk, seems to be very positive about it.

During a recent interview on an advisory services firm ARK Invest’s podcast, Musk expressed that “the Bitcoin structure was quite brilliant,”, but “it would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advance of sustainable energy.”.

High demand for energy is certainly a downside of the most popular cryptocurrency. Especially now, when the cost of mining a Bitcoin is often higher than the returns from mining.

Musk also said that “paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.”

Strangely enough, despite his optimistic stance towards cryptocurrency, Elon Musk hardly owns any. In one of his past tweets Musk explained that he only owned 0.25 BTC, which a friend gave him, and added that apart from that he “literally own[s] zero cryptocurrency”.

The tweet came last year, after a series of scam tweets sent by fake accounts impersonating various well-known people. They promised crypto donations to anyone naive enough to send them some cryptocurrency first.

 

Images by Shutterstock.com

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