SpaceX Elon Musk reckons; Bitcoin is “quite brilliant”: Tesla has no plans for a cryptocurrency

Technology enthusiast and Billionaire, Elon Musk has come out saying that cryptocurrencies and especially Bitcoin (BTC) beats paper currency when it comes to value transfer. The founder of both SpaceX and Tesla was speaking during a podcast interview with ARK Invest, an investment company on February 19. Musk said that Bitcoin’s structure “is quite brilliant.” He continued:

It [cryptocurrency] 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.”

Although Elon Musk believes in the power of cryptocurrencies over fiat currencies, he did not shy away from pointing out some drawbacks that are holding the digital assets back saying:

“One of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create the incremental Bitcoin at this point.”

He went ahead to make it clear that his company Tesla has no plans of getting involved with cryptocurrencies. However, it will continue to work on the growth of energy that is sustainable:

“It would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advancement of sustainable energy.”