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Bitcoin (BTC) Is Far Better Choice Than Cash, Tesla CEO Elon Musk Claims
During a podcast interview with ARK Invest, Elon Musk, the CEO of Tesla and SpaceX, finally confirmed that he’s a huge Bitcoin proponent. He states that crypto is ‘a far better choice’ than paper money, and the latter will eventually go away.
No use for Tesla
While Musk thinks that Bitcoin’s structure is ‘brilliant’, he also called the number coin ‘energy intensive.’ Hence, Bitcoin, which uses the power-hungry proof-of-work (PoW) consensus algorithm, wouldn’t be a good choice for Tesla that focuses on renewable energy.
It’s worth noting that Bitcoin mining is very popular in countries that rely on green energy. Case in point: Iceland. Here, cryptocurrency miners consume more power than all households combined.
Alex DovbnyaA Bitcoin fan is born
This is the first time when Musk publicly voices his support for Bitcoin. In October 2018, the 54th-richest person in the world dazzled the crypto community with his anime-inspired Bitcoin tweet. In spite of numerous theories, he finally confirmed that it was just a joke.
Wanna buy some Bitcoin? ?? pic.twitter.com/9ZbBJ5fuVq
— Elon Musk (@elonmusk) October 22, 2018
Ethereum, the second largest cryptocurrency, appeared on Musk’s Twitter feed even earlier. In August 2018, he said that he mentioned the coin after his account was swarmed with Ether bots.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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