Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).
In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.
When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.
He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.
Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.
A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.
Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.
Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.
Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.