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BTC is better than papermoney: Ilon Musk

Ilon Musk , the head of Tesla and SpaceX companies, publicly appreciated the benefits of Bitcoin during a podcast with investment firm ARK Invest.

During an interview for a podcast by consulting company ARK Invest Mask said that Bitcoin has a “brilliant” structure and that digital currency is “a much better way to exchange currency than paperwork”

“Bitcoin structure is impressive. They [cryptocurrencies] bypass currency control. Paper money is a thing of the past. Cryptocurrencies are certainly better suited for transferring value than scraps of paper. ”

In response to a question of whether Bitcoin is becoming the only cryptocurrency of the Internet, Musk said that he thinks that “one of the drawbacks of cryptography is that it is computationally quite energy intensive. So there should be some restrictions on the creation of such currencies. But at the moment it is very important to create other “bitcoins”. ”

Musk noted the fact of intensive energy consumption by the mining industry and stressed that Tesla does not intend to interact with cryptocurrencies yet. He said “It would be inappropriate to use Tesla resources for the development of cryptography.”
“It seems to me that Ethereum has some useful qualities. Probably several other [digital assets] too, but this is unlikely to be a reasonable spending of Tesla resources. . We are just trying to accelerate the development of sustainable energy.”

It’s interesting to note that Musk does own any cryptocurrency. He tweeted that he owned only 0.25 BTC. He noted in the same tweet that in addition to 0.25 BTC, which a friend gave him “many years ago. He literally owns a zero cryptocurrency.”

Also, the entrepreneur did not forget to focus on the cryptocurrency cheaters on Twitter , who at one time actively used his name to promote scam coin distributions. “There were so many of these scammers that they even forced me to write on Twitter — would you like to buy bitcoins?” Musk recalled his joke.

Earlier, major industry players claimed that Bitcoin is unique digital gold. Mike Novograz, former partner of Goldman Sachs and founder of Galaxy Digital said “Bitcoin will be the digital gold, a place where you have sovereign money which is not American money, which is not Chinese money, which is only sovereign money. Sovereignty is expensive as it should be. ”

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