In a recent podcast interview with an investment firm ARK Analyst, Tesla and SpaceX CEO, Elon Musk was quizzed about disruptive innovation and the impact of big data and AI in formulating the future of Tesla.

Towards the end of the session, Musk was asked an off topic question about his views on cryptocurrency in relation to a comment previously made by Twitter CEO Jack Dorsey about Bitcoin becoming the – ‘native currency of the internet’

As a pioneer of innovation it is without a doubt that the Silicon Valley entrepreneur acknowledges the alternative and efficiency brought about by digital currency for transactions, and he predicted that,

“Paper money is going away and crypto is a far better way to transfer value than pieces of paper.”

He was all praises for the crypto-currency by saying that the structure of Bitcoin “is quite brilliant” and that Ethereum and other crypto-assets were changing the conventional modes of value exchange as it “bypasses currency controls”.

He however dismissed any notions of Tesla investing in crypto saying,

“I’m not sure it would be a good use of Tesla’s resources to get involved in crypto. We’re really trying to accelerate the advance of sustainable energy, and I think actually one of the downsides of crypto is that, computationally it is quite energy intensive”.

Musk further expressed his scepticism saying,

“There had to be some kind of constraints on the creation of crypto, as it is very energy intensive to create the incremental bitcoin at this point.”

This is not the first time that Elon Musk has spoken about digital currency. His mysterious tweet: “Wanna buy some bitcoins?” that was posted a couple of months back, made it to the headlines and attracted 8000 likes and over 3000 retweets within hours of it being posted on twitter that it prompted the social -media giant to assume that his account had been hacked.

Being quite the public figure that he is, scammers have often impersonated Musk by creating fake accounts in order to swindle free giveaways of fake crypto to unaware users. Ironically, almost a year ago Musk claimed that he did own a quarter of bitcoin gifted to him by a friend that amounted to zero in crypto holdings and he has maintained that the bitcoin reserve have since remained the same.

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