Elon Musk shared his views on BTC, ETC, and crypto in general
Crypto users were having a somewhat promising week, maybe a consolation for their perseverance through the bearish tides. This week started with a bullish outpour, which is one that is still mainly taking over the crypto market. These days, crypto users were now left with another reason to stay optimistic after one of the richest, as well as highly influential tech enthusiasts in the world, shared his views on Bitcoin or BTC, Ethereum or ETC, and crypto in general. The CEO who is also a founder of Tesla and SpaceX, in a podcast interview with the investment firm ARK Invest, dubbed “On the Road to Full Autonomy with Elon Musk,” which happened on the 19th of February, has gone public with his belief that crypto offers an improved alternative to conventional money.
Musk also shared his beliefs on the future of his companies and answered all the questions related to crypto. He talked about the swiftness at which cryptocurrency overtakes the financial sector.
Elon Musk: Bitcoin structure is quite brilliant
Despite the friction which BTC or every other crypto was facing because of the noncompliant state of the government and traditional banks, this didn’t deter Musk from pointing out that fiat currencies have their time limited to stay and that cryptocurrency is a wholly more reliable way of transacting money and maintaining its value.
He went further on to point out the importance of BCT and ETH network, labeling both of them in words which conveyed reliability. To that end, he said that he believes that the structure of Bitcoin is quite brilliant, and Musk said that it looks like there is some merit to ETH as well.
He added that it bypasses currency controls, and paper money goes away. Also, crypto is a far better way of transferring values than a piece of paper that is for sure, according to him.
With that being said, Musk pointed out aspects of the industry which keep his companies from getting involved in the use and applying of the technology as well.
When speaking to the downsides of crypto, in the case of Bitcoin, for example, he said that he thinks its use of an extensive computing network to secure the ledger is computationally energy intensive. He even added that for a company which has the purpose to boost the approval for sustainable energy, what might not be a good use of the resources of Tesla to get involved in the cryptocurrency space.
Musk was impersonated by scammers on Twitter many times
This was not the first time that he made some remarks on cryptocurrency. The influence that Musk has in the crypto world was long pronounced from years back. On the 22nd of October of last year, he had set the crypto-Twittersphere on fire with an anime picture which was titled “Wanna buy some Bitcoin?” This whipped up speculation on social media, although he said that it was a joke.
Mask was impersonated several times on Twitter by scammers that tried to utilize the likeness of his profile in crypto ‘give-away’ schemes, a development he has noted in some of his remarks.
Up until recent times, crypto users deduced that the billionaire engineer might have some plans to incorporate Bitcoin in his car company, Tesla. However, Musk stated that the involvement of Tesla in the crypto world may not be the best move still.