Elon Musk likes crypto: 'A better way to transfer value, without a doubt'

20 Feb, 2019
by Joeri Cant
News
Elon Musk likes crypto: 'A better way to transfer value, without a doubt'

ARK Invest's FYI podcast with Tasha Keeney, and Cathie Wood, had a sit down with the CEO, and product architect of Tesla, Elon Musk, who said that cryptocurrency is a far better way to transfer value than pieces of paper. 'That's for sure. Without a doubt.'

During a 30-minute-long episode of ARK Invest's FYI podcast with Elon Musk, the discussion eventually steered away from Tesla and briefly touched upon crypto.

Going off-topic, the host asked Musk about his views on crypto and stated that he and Jack Dorsey discussed crypto recently.

'Crypto, seriously?, he said.

Musk went on to say that Bitcoin and Ethereum scammers were so rampant on Twitter that he decided to join in and said at one point 'wanna buy some bitcoin?'

'Then I got my account suspended, cause obviously there was like some automatic rule that if you try to sell Bitcoin or something and I was just joking.'

Read more: CZ is patiently awaiting Elon Musk arrival to the crypto ecosystem

The host tells Musk, given his history in the payment ecosystem, that it would be very interesting to know if he agrees with Jack Dorsey, that there will be one native coin for the internet, being Bitcoin.

'I have many friends who are very involved with crypto. I mean I think the bitcoin structure was quite brilliant.'

'But I am not sure if it would be a good use of Tesla resources to get into crypto', he said.

'We are trying to focus on Tesla and I think actually one of the downsides of crypto is that computationally, is that it's quite energy intensive. So there have to be some kind of constraints on the creation of crypto. So, but it's very energy intensive to create an incremental bitcoin at this point.'

Musk continued by saying that Bitcoin bypasses currency controls. 'Crypto is a far better way to transfer value than pieces of paper. That's for sure. Without a doubt', he said.

'Just to clarify, Tesla's not going to start selling bitcoin?' asked interviewer Tasha Keeney.

'No we are not', said Musk.

Well, at least he didn't say that Tesla wouldn't buy themselves some Bitcoin.

Read more: Dorsey: Bitcoin´s resilience comes from its strength as a brand

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If Elon Musk likes crypto why he didn't take a part in the torch? It seems very strange for me
20 Feb, 2019 - 09:24
And better places for these transfers and secure exchanges like Kraken and Bitfinex.
20 Feb, 2019 - 22:31

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