The sun seems to be shining on the cryptoverse lately. As in recent news there have been several proponents of cryptos claiming that the time for cryptos to go mainstream is near and that the traditional fiat will soon be history. And Elon Musk is on the same boat.
The famous technology entrepreneur and Tesla CEO, in an interview on advisory services firm ARK Invest’s podcast on Feb. 19, admitted openly that Bitcoin (BTC) is in fact brilliant, saying,
Bitcoin’s structure is quite brilliant and digital currency is a far better way to transfer value than pieces of paper.
Musk was asked a question about whether Bitcoin will dawn the role of the only native cryptocurrency of the Internet, to which he said that the Bitcoin structure is quite brilliant. He further added that one of the downsides of crypto, in his opinion, 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.
Due to Musk’s significant interest in cryptocurrency, people can’t help but assume that Tesla has some crypto projects up its proverbial sleeves. To which Musk answered stressing that cryptos do not align with Tesla’s energy efficient goals.
It would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advance of sustainable energy.
In fact, Musk has made it clear on many occasions that he doesn’t even own much of crypto. Last February, he even tweeted about it.
Despite the early downfall in Bitcoin’s price, major industry players have held their ground, arguing that Bitcoin occupies a unique place as a store of value or “digital gold”. A former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, Mike Novogratz even went as far as claiming that Bitcoin is going to be digital gold. Further saying,
A place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.
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