Elon Musk Voices Support for Crypto Assets Innovation, Says Paper Currency ‘Is Going Away’

Elon Musk has always been vocal about his view of cryptocurrency, but recent statements focus on the fate that he sees happening with the fiat counterpart. According to recent reports from CNBC, Musk was on the FYI – For Your Innovation podcase, where he said, “Paper money is going away.”

The conversation continued about cryptocurrency, noting that the function of transferring value through it is a much more effective process than with paper money. He called the technology involved in the industry “quite brilliant” and adds that Ethereum and other altcoins appear to have “some merit.”

Still, despite these positive words, it does not look like Tesla will be attached to cryptocurrency anytime soon, since it just does not use the resources of the company well. Furthermore, the mining process alone for cryptocurrency uses a lot of energy, which can be costly. Musk admits that the “energy intensive” nature of mining is one of the few downsides that cryptocurrency has right now, especially for Bitcoin.

Musk stated that there’s friends of his that are “really involved in cryptocurrency,” though Musk himself said two months ago that the only cryptocurrency he has in his possession is 0.25 BTC that someone gifted him.

During the tweet, Musk gives shout-outs to both the co-founder and CEO of Twitter, Jack Dorsey, another Bitcoin proponent. When Dorsey spoke with the Times of London last month, he said that he sees the world evolving to “a single currency,” which “will be Bitcoin.” Though he does not see this transition happening for about a decade, he is hopeful that “it could go faster.”

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