Elon Musk, the CEO of Tesla and SpaceX, believes that crypto could potentially replace cash but it wouldn’t work as a replacement for databases.
“So, where I see crypto is respectively as a replacement for cash. I do not see crypto being a primary database,” he said during the Third Row Podcast Tesla podcast.
Musk called Bitcoin “quite brilliant” while claiming that crypto would be a far better option for transferring value than paper money. However, he took issue with its excessive energy consumption.
The billionaire said that he was “neither here nor there” on Bitcoin. He appears to be concerned about the fact that Bitcoin is used for facilitating illegal transactions.
As a reminder, Bitcoin adoption took off in 2013, with multiple high-profile merchants willing to accept it. However, due to high fees and volatility, some companies, in the likes of Steem, eventually decided to ditch BTC and have not looked back since.
