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Bitcoin impresses Elon Musk, believes it is better than paper money

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Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer Crypto Heroes

Elon Musk, the founder and CEO of Tesla and SpaceX, thinks Bitcoin is a brilliant idea, and cryptocurrencies offer an improved alternative to the traditional paper money. Musk made his opinion known in a podcast by Ark Invest yesterday, February 19, where he also addressed other issues affecting the autonomous vehicle industry.

Musk thinks Bitcoin is brilliant

In the podcast interview, Musk talked about his view on the future of the autonomous car industry and how it would be regulated to ensure safety. He was asked about his thoughts on Bitcoin and cryptocurrencies in general, and he replied that he is impressed by digital currencies. According to Tesla’s CEO, Bitcoin’s structure is brilliant and it offers an improved alternative to the current paper money. He said, “[Crypto] bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

Despite his apparent fondness for Bitcoin, Musk revealed that some aspects of the crypto sector hinder his companies from getting involved at this time. Regarding Bitcoin, Musk believes the high computational energy needed to secure its ledger is a disadvantage. He pointed out that for a company like Tesla, which aims to increase the adoption of sustainable energy, it may not be suitable for their resources in case they venture into crypto. “It’s very energy intensive to create Bitcoin at this point,” Musk said.

This is not the first time Musk commented on the issue of cryptocurrency. In October 2018, his tweet about buying Bitcoin led to speculation about him finally getting ready to enter the crypto bandwagon.


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