Ilon Mask: “The structure of Bitcoin is brilliant, and fiat money is becoming a thing of the past”

The adoption of cryptocurrency as one of the most effective new financial instruments continues. Many businessmen, politicians and bankers eventually changed their minds.

Founder and CEO of Tesla and SpaceX, Ilon Musk (Elon Musk) officially announced his views on cryptocurrency and expressed the opinion that it represents an ideal alternative to traditional money.

Bitcoin is the best way to transfer value

Yesterday during an interview with a podcast of an investment company ARK Invest, a billionaire who radically changes the economy of the world, shared his plans for the development of his companies and expressed his opinion on cryptocurrency very clearly:

“ Bitcoin structure is brilliant. Cryptocurrencies bypass currency control. Fiat money is a thing of the past. Digital assets are the best way to quickly transfer value, much more efficient than paper money , ”said Musk.

Wanna buy some bitcoin? ?? pic.twitter.com/9ZbBJ5fuVq

– Elon Musk (@elonmusk) October 22, 2018

Mask also pointed out the peculiarities of cryptocurrency, which somewhat delay the development of the new financial industry and the widespread use of technology by modern companies.

Using the Bitcoin network as an example, Mask noted that too large computational powers are used to operate the Bitcoin blockchain .

“At the moment, the creation of Bitcoins is very energy intensive. Tesla, meanwhile, is developing an efficient, sustainable energy industry, so it is not yet appropriate to use our resources in cryptography , ”he said.

The history of the relationship Mask and cryptocurrency knows many examples when fraudsters tried to use the authority of a businessman in order to cheat and profit. The problem occurred several times. Musk noted in yesterday's interview:

“Fraudsters with bitcoin and ethereum appeared on Twitter so often that I once even joked, writing:“ You do not want to buy bitcoin? ”.

Publication date 02/20/2019
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