Elon Musk Says Crypto Will Replace Paper Money Soon

Elon Musk Says Crypto Will Replace Paper Money Soon
Elon Musk Says Crypto Will Replace Paper Money Soon

Elon Musk, CEO of Tesla and SpaceX, is well-known for his rather ironic critics, especially when it comes to the crypto sphere and social media communities in general. During a Podcast held by ARK Invest named “On The Road To Full Autonomy”, the host of the show, Tasha Keeny, who’s also an analyst at ARK Invest, asked Musk straightforward what he really thought about cryptocurrencies.

The CEO and technology visionary had no negative opinion on cryptocurrencies whatsoever, and rather praised Bitcoin technology and its structure while also giving a worthy mention to Ethereum and other cryptocurrencies that have helped in the development of the crypto market in general. However, as Elon began to elaborate his answer, he emphasized on the need for the market to continue growing in order for him to even think about involving his resources or companies into the crypto world.

The highlight of the interview was when Must affirmed how eventually, and rather sooner than later, cryptocurrencies would replace paper money, given that crypto is a better way to transfer assets and can overcome any foreign currency controls, making money available across borders almost immediately.

We’re really just trying to accelerate the advances of sustainable energy. One downside of Bitcoin is in computationally; it’s quite energy intensive. There has to be some kind of constraint on the creation of crypto. It’s very energy intensive to create the incremental bitcoin at this point.

Elon Musk

The Podcast ended with Elon Musk quoting an expression from a comedy show called “Silicon Valley”, where they use a double pun phrase to express how to turn the world into a better place: “Make the world a better place by social, mobile, crypto!”. The Podcast then ended among laughter and excitement. The irony in which Elon Musk said such comment implies crypto is still a long way to go in order to be considered as a real alternative to today’s paper money, although he is definitely confident the day will come.