Tesla CEO Believes Bitcoin is a Brilliant Method for Value Transfer

Cryptocurrencies have always been sensible to public opinion, especially from market leaders and celebrities. Now, recent reports indicate that Elon Musk, the founder of Tesla, SpaceX, and co-founder of PayPal, has issued a statement outlining his opinion on digital currencies, and how they are a better alternative to traditional currencies.

As such, during an interview held by the ARK Invest firm, Elon Musk was asked several questions related to the cryptocurrency market. Referring to bitcoin, he mentioned that the structure of the coin is ‘quite brilliant’. He thinks that this is mostly due to the fact that cryptocurrencies are capable of bypassing government-based currency controls. His statement noted: “Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

According to Elon, currently, there are several impediments towards bitcoin’s mass adoption. One of these challenges represent the main reason why Tesla and SpaceX have not yet gotten involved with the cryptocurrency, and therefore, refuse to take crypto payments. With this in mind, while the bitcoin’s blockchain ledger is essential for its decentralized, secure and transparent status, it also represents an ‘energy-intensive’ process, according to Elon. Following this statement, he said: “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.”

It is important to keep in mind that at this time, developers are working on several solutions meant to limit the energy consumption associated with mining bitcoin, and making transactions. This leads us to believe that Elon Musk, alongside numerous other business leaders, would consider accepting bitcoin as a payment method once the challenges are dealt with.

Through this interview, Elon shared his opinion on cryptocurrencies and bitcoin for the first time. He did, however, make two remarks in the past. However, these were only Twitter responses to whether he owns bitcoin, and an impersonation scam trend.

Based on everything that has been outlined so far, it is excellent news to see that Elon Musk believes in the future of cryptocurrencies.