Cryptocurrencies continue to gain favor in various sectors of the world economy, and some of the world’s most influential and popular people have thrown their weight behind the industry. One of these people is Tesla’s Elon Musk, and he likes how Bitcoin works.
BTC Is A Better Means Of Value Transfer
During a podcast interview with ARK Invest, an investment firm, the founder and CEO of SpaceX and Tesla expressed his admiration of the Bitcoin structure, calling it “brilliant.” Elon didn’t mince his swords in asserting that Bitcoin is indeed the better means of transferring value as opposed to paper money.
In Elon’s view, paper money is exiting the market. He pointed out Bitcoin’s ability to circumvent currency controls as one of the strengths that make it appealing to most people across the world. In that sense, cryptos offer a much better alternative to fiat currency.
Why Tesla Is Not Involved
Going further, Elon touched on the issue of his companies not getting involved in the crypto business.
While he thinks the concept behind cryptos, and Bitcoin in particular, is brilliant, Elon thinks that it wouldn’t be proper for companies like Tesla to enter the crypto business especially considering that Tesla is a company dedicated to developing technologies for sustainable energy.
In contrast to that, crypto networks consume intense energy and computational power, and that goes against the company’s vision. As such, Elon thinks that getting involved in the crypto stuff wouldn’t be a prudent employment of the company’s resources.
Elon Owns Zero Cryptos
Elon Musk went on to let out a secret: he doesn’t own any crytocurrencies except for the 0.25 BTC a friend gave him a while back. Elon isn’t the only popular big wig to speak up in support of Bitcoin.
In the recent past, Galaxy Digital’s Mike Novogratz has been quoted as saying that Bitcoin is going to be the digital gold.