Elon Musk: «Bitcoin is brilliant, paper money is going away»

The billionaire entrepreneur praised Bitcoin, saying that cryptos are a far superior wayo transfer value than pieces of paper

Technology entrepreneur and Tesla CEO Elon Musk said that Bitcoin’s (BTC) structure is “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.” Musk made his remarks during an interview on advisory services firm ARK Invest’s podcast on Feb. 19.

In response to a question about whether Bitcoin becomes the only native cryptocurrency of the Internet, Musk said that “the Bitcoin structure was quite brilliant,” and that he thinks that “one of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it's very energy intensive to create the incremental Bitcoin at this point.”

On this note, Musk jokingly stressed that “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.”

Musk appeared certain that digital coins will replace traditional money, saying that cryptocurrency “bypasses currency controls [...] paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that's for sure."