Bitcoin has a "pretty bright" structure, paper money is disappearing

Elon Musk, a technology entrepreneur and CEO of Tesla, said the Bitcoin structure (BTC) was "pretty bright" and that digital currency was "a much better way to transfer value than bits of paper." Podcast of Invest on February 19th.

In response to a question about whether Bitcoin would become the only native cryptocurrency of the Internet, Musk said that "Bitcoin's structure was pretty bright" and that he thought that "it's the only bitcoin structure in the world. One of the disadvantages of crypto is that, from a computational point of view, it requires a lot of energy, so there must be some kind of constraint on crypto creation, but it takes a lot of energy to create the incremental Bitcoin at this point. "

On this note, Musk pointed out that "it would not be a good use of Tesla resources to get involved in cryptography. We are really trying to accelerate the progress of sustainable energy. "

Musk went on to claim that cryptocurrency "bypasses foreign exchange control […] paper money is disappearing, and crypto is a much more efficient way of transferring value than slips of paper, that is certain. "

Last February, Musk tweeted that he only owned 0.25 BTC. He noted in the same tweet that, apart from 0.25 BTC, a friend had given him "several years ago" he "literally owned[s] zero cryptocurrency ".

Previously, the major players in the industry had also claimed that Bitcoin held a unique position as a store of value or "digital gold". Mike Novogratz, a former Goldman Sachs partner and founder of the commercial Galaxy Digital crypto-bank, said "Bitcoin will be digital." Gold, a place where you have sovereign money, it is not American money, it is not Chinese money, c & rsquo; Is sovereign. Sovereignty is expensive, it should.

The co-founder and CEO of Twitter, Jack Dorsey – who is well known for his belief that Bitcoin will become the "native currency of the Internet" – said earlier this month that "[Bitcoin] think it's the one who wants to be the most motto as opposed to others who do more general things or distributed computing […] I think [the altcoin space] has generated some really incredible ideas, but I'm focusing on the currency and the transactional side. "