Elon Musk, founder and CEO of Tesla and SpaceX, has officially announced that its cryptocurrency technology offers an improved alternative to conventional currency.
In a podcast interview with investment firm ARK Invest on Feb. 19, Musk exposed his perspective on the future of his companies and specifically answered questions about his thoughts on cryptocurrency.
To this end, Musk said that he believed The structure of Bitcoin "is pretty brilliant," adding:
"He [crypto] bypasses the currency controls. … paper money is going away. And crypto is a much more efficient way of transferring values than a piece of paper, for sure. "
That said, Musk also highlighted aspects of the industry that prevent his companies from getting involved in the use and application of the technology.
Acting from the disadvantages of cryptocurrency, in the case of Bitcoin for example, he stated that his use of a large computer network to secure his ledger required "a lot of energy in terms Calculation". He added that a company aimed at stimulating the adoption of sustainable energy solutions, this may not be "a good use of Tesla's resources to get involved in cryptography."
"It's very energy-intensive to create bitcoins at this point," he said.
Notably, this is not the first time Musk has commented on cryptocurrency. Last October, he mysteriously tweeted about the purchase of bitcoins, which fueled speculation on social media.
Musk has also been repeatedly imitated on Twitter by crooks who have tried to use the similarity of his profile in crypto redistribution schemes, a development he noted in his remarks.
"The crooks on Bitcoin and Ethereum were so prevalent on Twitter that I decided to participate and I said at one point that you wanted to buy bitcoins?" He joked.
Listen to the full interview here.
Elon Musk image via Shutterstock