Elon Musk, the CEO of Tesla and SpaceX, has voiced his belief that cryptocurrency is improved alternative to fiat money. Musk responded to questions about his thoughts on cryptocurrency in a podcast interview with investment firm ARK Invest on Feb.19.
To that end, Musk said he believes bitcoin’s structure “is quite brilliant,” adding:
“It [cryptocurrency] bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”
That said, Musk also pointed out aspects of the industry that are keeping his companies from getting involved in using and applying the technology.
Speaking to the downsides of cryptocurrency, in the case of bitcoin for instance, he said he believes its use of a large computing network to secure its ledger is “computationally energy intensive.”
“It’s very energy intensive to create bitcoin at this point,” he said.
As a reminder, this is not the first time that Musk had made remarks on cryptocurrency. In October last year, he made a mysterious tweet about buying bitcoin that whipped up speculation on social media, though he now says it was a joke.