Today's Hot Topics

Musk: “Bitcoin Is Brilliant But Tesla Won’t Be Getting Involved”

 
Musk: “Bitcoin Is Brilliant But Tesla Won’t Be Getting Involved”
Breaking News / Bitcoin

There are a lot of faces out there who are getting ready to adopt cryptocurrency. Most recently the CEO of JP Morgan Jamie Dimon has announced that the banking institution is currently designing their own cryptocurrency. Unlike Dimon and JP Morgan, the CEO of Tesla, Elon Musk, isn’t ready to adopt Bitcoin just yet.

Even though Musk has previously tweeted about crypto on his Twitter page it seems that the CEO isn’t getting involved in the space. Musk said that he isn’t going to push his company in the direction of an emerging technology but despite this, he did say that cryptocurrency is the future of finance.

Musk sat down with Cathie Wood and Tasha Keeney of Ark Invest earlier this week and he described Bitcoin as an interesting proposition saying, “Paper money is going away and crypto is a much better value for a transfer of value than pieces of paper but it has its pros and cons. It’s very energy intensive to create bitcoin at this point.”

The Tesla Chief’s comments are similar to that espoused by the Twitter CEO Jack Dorsey who went on the Joe Rogan podcast earlier this month and described Bitcoin as the best candidate for a universal native internet currency.

For Musk though, being borderless and extremely hard to censor is what makes Bitcoin so unique and gives it an advantage. With this, it is possible for the leading cryptocurrency to operate outside the ambit of mainstream currency controls.

Musk acknowledges that Bitcoin and cryptocurrencies have a lot of potentials but despite this, he says that Tesla won’t be involved just yet. He said, “Bitcoin’s structure is brilliant but I don’t think it would be a good use of Tesla’s resources to get involved in crypto.”

A lot of the conversation with Musk primarily focused on the activities of Tesla as a business. Apparently turning the topic to Bitcoin was a ‘curvball question’ for Musk.

Even though Musk’s comments will most likely be a bit of a downer on many enthusiasts, not all hope is lost. In the future, Tesla may very well adopt the leading cryptocurrency which would be a great thing for the firm and an even greater thing for the crypto space.

You can share this post!

Exciting Move For Bitcoin Cash Adoption

In Wake Of Crypto Surge, Hoskinson Says Cardano Is Making Progress