Elon Musk Speaks Highly of “Bitcoin’s Brilliant Structure”

Elon Musk speaks about Bitcoin in a recent podcast interview with the investment firm ARK. Musk calls Bitcoins structure “brilliant” and that it’s “a far better transfer of value”. 

For such a long time the cryptocurrency community has been looking for a major public figure to support crypto in some way and it finally happened. Elon Musk, the CEO of Tesla and Space X, recently said the following on a podcast:

“…Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.” – Elon Musk

Elon Musk participated in a podcast conversation with investment firm ARK Invest. During the podcast, he was asked about his thoughts on cryptocurrencies. These positive remarks came during a recent influx of money into the cryptocurrency market. But he didn’t say everything was on good standings. Elon Musk did point out the environmental issues regarding cryptocurrency mining. But as a fellow co-worker of mine here at Altcoin Buzz just showed me, some miners are turning to renewable energy. Cryptocurrencies are also adopting more energy efficient and environmentally friendly proof of stake algorithms.

Elon Musk was not being shy about his views on Bitcoin, here’s another statement he made during his interview:

“Bitcoin’s structure is brilliant but I don’t think it would be a good use of Tesla’s resources to get involved in crypto,”

Sadly, Elon Musk says that Tesla will be steering away from cryptocurrencies at the moment. The fact that Bitcoin’s network consumes so much power, it has made it the antithesis of Tesla’s mission to be an environmentally friendly car option. The values don’t align with that behind Bitcoin’s brand. This could mean that if presented with an environmentally friendly cryptocurrency, it could provide a door for crypto purchases at Tesla dealers.