Elon Musk Says Paper Money Will Go Away, Crypto Will Take Its Place on ARK Invest’s FYI Podcast
“The crypto revolution will come”, some people say. But when? This is one of the most debated issues in the crypto community ever. Everybody wants to know when Bitcoin will finally fulfill its promise. Now, Elon Musk has given his take on the subject.
Elon Musk talked about cryptocurrencies during a recent episode of ARK Invest’s FYI podcast. After some time, the podcasters stopped talking about Tesla and Musk’s enterprises and started to ask about cryptos.
He thought it was funny to talk about cryptos because there are so many scammers impersonating him and offering fake cryptos to people that he simply could not think it was funny. According to Musk, he even joined them asked kiddingly “you wanna buy some Bitcoin?”, which made his account be suspended for a while.
According to him, there is an automatic mechanism that suspends people trying to sell Bitcoin on Twitter and he was targeted by it.
Elon Musk Talks About Bitcoin
After stopping the jokes, Musk affirmed that the structure of Bitcoin was “quite brilliant” to him and that he admired the token a lot. However, he did not intend to get himself into the crypto industry. According to Musk, it would not be a good use of the resources of his companies to get into this area and he will leave this interesting field to other people who are interested in making a profit with it.
Speaking about the downsides that cryptocurrencies might have, the only criticism that he made was that Bitcoin was very energy intensive. He sees as a problem that, in order to mine tokens, you have to spend so much electric energy. This, he believes, puts some inevitable constraints in creating cryptos.
His argument is not unique. Several people argue that Bitcoin should be less energy-intensive as it is simply too expensive to mine and it wastes too much energy. However, some people also argue that the structure is like this to make mining safer because the equations have to be complex.
Finally, Elon Musk affirmed that paper is going away soon and that he believes that Bitcoin has a big chance of replacing it. According to him, one of the biggest advantages of Bitcoin is to be a fluid route to bypass currency controls. This constitutes Bitcoin as a way better way to transfer value than using paper and can be what will lead Bitcoin to finally achieve its final goal.
At the end of the interview, Musk clarified that Tesla is not going to start selling Bitcoin and that people should not buy from “him” on Twitter. So, if you see Elon Musk offering Bitcoin, it is probably a scammer.