Elon Musk: Bitcoin is “Brilliant” Paper Money is Useless

Tesla CEO and Technology Entrepreneur Elon Musk said that digital currency is a far better way to transfer value than a piece of paper. Elon added that the Bitcoin (BTC) structure is “Quite Brilliant” in an interview with the firm ARK Invest on 19 Feb.

The interviewer asked Elon about will Bitcoin become the native currency of the Internet, Elon replied that “the structure of Bitcoin is quite Brilliant” and he further explained that the only problem Bitcoin may face is energy intensive. So in the future cryptocurrencies may face problems in mining. But its very energy intensive to mine Bitcoin now.

Musk explained that at that time it’s not good for Tesla to get involves in crypto. Tesla is just focused on accelerating sustainable energy resources. 

Elon tweeted in last February that he owns only 0.25 BTC that a friend has sent to him many years ago. He literally owns zero cryptocurrencies. 

Tim Draper known as Bitcoin (BTC) bull and Billionaire investor predicates that Bitcoin will rule the world in the next five years.

Jack Dorsey Co-founder and CEO of Twitter said again in an interview that Bitcoin (BTC) will be the native currency of the Internet. 

A Chinese Bitcoin Miner Zhu Fa, Co-founder of Poolin, a Chinese based crypto mining pool predicates that Bitcoin price will hit 5 million Chinese Yuan ($738,000).