Elon Musk Gives His Insight On Crypto

Amrit Mirchandani

February 20, 2019

Elon Musk has finally opened up about his opinion on cryptocurrencies on Ark Invest’s FYI podcast.

The host of the podcast, Cathie Wood asked questions to Musk about cryptocurrencies. The popular entrepreneur who is the founder and CEO of Tesla and SpaceX replied, “I mean I think the bitcoin structure was quite brilliant. It seems like there’s some merit to Ethereum as well, and maybe some of the others. But, you know, I’m not sure if it would be a good use of Tesla resources to get into crypto.”

Hence it proves, that Elon Musk appreciates Bitcoin and Ethereum, however will not deep dive into it for his projects such as Tesla.

He even highlighted the energy usage of cryptocurrency when it comes to mining.  Musk said, “I think actually one of the downsides of crypto is that computationally, is that it’s quite energy intensive. So there have to be some kind of constraints on the creation of crypto. So, but it’s very energy intensive to create an incremental bitcoin at this point.”

Musk’s Previous Experience with Crypto

Elon Musk is known for his extreme work ethic and is popularly followed on cryptocurrency’s favourite social media platform Twitter.

Several impersonations of Musk are present on Twitter, who seen to scam crypto beginners into ‘give-away’ schemes. As a result of the scamster’s, Musk had once even tweeted about buying bitcoin, to which he replied in the podcast of being a joke.

He said on the podcast, “Bitcoin and ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin?” 

The Final Verdict Of Crypto By the Tech Innovator

At the end of the podcast, Keeney brought up the issues of currency restrictions in Africa. Musk showed his enthusiasm about cryptocurrencies by explaining, “It bypasses currency controls. Paper money is going away and crypto is a far better way to transfer value than pieces of paper.”

Looks like Musk who is a hardcore innovator, has a fondness for the digital currencies!

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