Sorry — Elon Musk may like Bitcoin, but Tesla isn’t getting involved with cryptocurrencies anytime soon. Nevertheless, the CEO of SpaceX believes BTC has its pros (and cons).
On a podcast with ARK Invest, Musk explained that Bitcoin and Tesla simply don’t mix. “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,” he said.
As noted by CNBC, Musk made note of Bitcoin’s fundamental value propositions as a decentralized currency capable of undermining traditional financial institutions and fiat currencies. However, he also participated in the common rhetoric that the market-leading cryptocurrency is, perhaps, too energy intensive. He stated:
Paper money is going away and crypto is a much better value for a transfer of value than pieces of paper…