The structure of Bitcoin (BTC) is quite brilliant and paper money is gradually fading away, says Elon Musk. Elon Musk is the chief executive officer of Tesla and a technology entrepreneur. Musk said that digital currencies are a much better way of transferring value and moving funds than pieces of paper. The CEO of Tesla made this comment during an interview with ARK Invest – an advisory services firm – on the 19th of this month.
The Structure of Bitcoin (BTC) Is Brilliant – Elon Musk
In response to a question regarding whether Bitcoin (BTC) will become the only native digital currency of the internet, the CEO said that the “the structure of Bitcoin (BTC) was quite brilliant.” He further added that “he thinks one of the downsides of digital currencies is that they are quite energy intensive. This means there has to be some sort of limitations on the creation of digital currency. But it is extremely energy intensive to create the incremental Bitcoin (BTC) at this point.”
As a result of this, he said that “it wouldn’t be a good use of the resources of Tesla to get involved in digital currency. We are just trying to enhance the advancement of sustainable energy.” Musk further added that digital currencies “surpasses currency controls, paper money is gradually fading away, and digital currencies are a much better way to transfer value than paper currency, that is for sure.”
In February last year, the CEO took to his official Twitter page to tweet that he only owns 0.25 Bitcoin. In the same tweet, he said that apart from the 0.25 Bitcoin which was given to him by his friend some years ago, he literally owns zero digital currency. The only digital currency he owned was that given to him by a friend.
Bitcoin (BTC) Argued as Store of Value
Previously, top industry experts argued that Bitcoin (BTC) is a digital gold or a store of value. The founder of Galaxy Digital (a digital currency merchant bank) and former Goldman Sachs partner – Mike Novogratz – is one of the biggest Bitcoin (BTC) bulls in the digital currency space.
Novogratz said that “Bitcoin (BTC) is going to be digital gold – a place where you have a sovereign fund, the money does not belong the U.S., it does not belong to China, it is sovereign. Sovereignty costs a lot, it should.”
Earlier this month, Jack Dorsey – the CEO and co-founder of Twitter – said that “Bitcoin (BTC) feels it is the one that wants to be the currency the most, compared to other digital currency that are doing more general purpose things distributed computing. I think other digital currencies have generated some really cool ideas, but I am focused on transactional and currency aspect.” Jack Dorsey is very popular in the digital currency space for his belief that Bitcoin (BTC) will become the native currency of the internet.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $4,009 after an increase of about one percent over the past twenty-four hours. The current market cap of the world’s most dominant digital currency is $68.64 billion and its trading volume over the past twenty-four hours is $5.36 billion.