"The structure of Bitcoin is brilliant, Ethereum also has merit"

Elon Musk, founder and CEO of Tesla and SpaceX, is arguably the biggest tech entrepreneur of our time. Recently, he gave his 2 cents on Bitcoin and cryptocurrency during an episode of the FYI Podcast by ARK Invest.

During the podcast, the host took a moment to walk away from Tesla and asked Musk about the cryptocurrency, asking him if Musk thought Bitcoin would become the only native crypto-currency in the world. 39; Internet.

In response, Musk said:

"I think the bitcoin structure was pretty bright. It seems that there is also a merit to Ethereum, and perhaps even to others. But, you know, I'm not sure it would be a good use of Tesla resources to get into crypto. "

Elon Musk says crypto will replace paper money

In addition to his positive comments on Bitcoin (BTC) and Ethereum (ETH)Musk also said he enjoyed cryptocurrency for his fluid ability to transfer value and circumvent monetary controls.

"It bypbades monetary controls and cryptography is a much more efficient way of transferring value than bits of paper. It's certain. Without a doubt."

In addition to his positive comments on crypto, Musk also pointed out its drawbacks, particularly with regards to Bitcoin and the sheer amount of IT needed for network security.

"I think that one of the disadvantages of crypto is that, from a computational point of view, it is that it consumes a lot of energy. So there must be some kind of constraint on creating crypto. So, but it takes a lot of energy to create an extra bitcoin at this point. "

Although Bitcoin consumes a lot of energy, Musk noted that it's only "a lot, at this point." This suggests that with his technical ingenuity in the energy sector he may be able to solve this problem in a sustainable way. sources of energy.

Elon Musk and Bitcoin

Since Musk is so innovative and so important in the technology sector, the crypto industry has long been keen for Musk to share his thoughts on Bitcoin and crypto. For the most part, he was silent because he focuses on other things.

However, last October, Musk mysteriously tweeted the purchase of Bitcoin, which magnified speculation in the crypto industry. During the recent podcast, Musk admitted that it was a joke that had actually put him in trouble and had led to the suspension of his Twitter account.

Explaining the reasoning, Musk says:

"The crooks 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? Then my account was suspended because, obviously, there was an automatic rule that if you were trying to sell bitcoin or something, I was joking. "

Therefore, it is understandable that Musk is largely silent about crypto. However, we now know that he is, in fact, favorable to cryptocurrency, that he thinks it is the future and that he will replace paper money.

Do you think Elon Musk has Bitcoin and Ethereum? Tell us what you think in the comment section below.