Elon Musk, an entrepreneur and technology billionaire, has spoken out in favor of cryptocurrencies. The founder of SpaceX feels that the cryptocurrency is far better than the conventional paper currency used today across the world for the business transactions and settlements. He expressed these views during his podcast interview with ARK Invest on February 19 and further opined that the structure of the Bitcoin is quite brilliant.
According to the Tesla CEO, the cryptocurrency is definitely better to transfer the value than the paper money, provided the former bypasses the various currency controls set by the regulatory agencies around the world. That said, Musk also pointed out some of the drawbacks associated with the cryptocurrencies and highlighted the energy-intensive nature of crypto as its biggest demerit. He also noted that even the incremental Bitcoin creation requires a large amount of energy at this point which comes across as its major drawback among others.
When asked about the possibility of Tesla to foray into crypto business, Musk replied in the negative. Stating that the company is in the business of sustainable energy, it won’t be good for the organization to spend resources on the energy-intensive crypto business. In October last year, Musk tweeted his decision to buy the Bitcoins which enthused the crypto advocators; however, this is the very first time the technology billionaire has publicly aired his views about the cryptocurrency. Explaining why he tweeted on the microblogging website, Musk said that cryptocurrency scammers were so rampant on the Twitter that he decided to join in and tweeted about buying the Bitcoin. So that you know, Elon Musk was impersonated numerously by the crypto fraudsters on Twitter in an attempt to siphon the cryptocurrencies from the holders.
Elon Musk is not the only one from the technology industry who have come forward and given thumbs up to the crypto concept. Before him, Jack Dorsey, the CEO of Twitter, has expressed his bullish remarks on the Bitcoin. Dorsey, during an interview, claimed that Bitcoin has the potential to become a native currency of the internet. He said that in the future, the internet would have its native currency and he doesn’t know whether it will be Bitcoin. He further stated that Bitcoin could become the internet’s native currency owing to all the tests it has already been through and the solid structural principles behind it. These words of praise coming from the leaders of the established companies are sure to shore up the crypto sentiments and to some extent can help the sector to mitigate the devastating effects of a long bear market spell that industry is facing for more than a year now.