Tesla chief executive Elon Musk, the world’s most prominent futurist and entrepreneur, recently broke his silence on Bitcoin. In a podcast interview with Ark Invest, a fintech upstart that focuses on “disruptive innovation,” the member of the elusive so-called “PayPal Mafia” had some choice words about fiat. Musk also lauded crypto, albeit in a brief comment.
Yet, that didn’t diminish the magnitude of his comments, deemed cautiously optimistic by most.
Bitcoin Is Quite Brilliant
Elon Musk, the South African native that has become the world’s most prominent businessman, recently took to Ark Invest’s “FYI” podcast. While discussion mostly centered around Tesla’s operations, along with Elon’s views on technology-enabled autonomy, a question arose about the SpaceX kingpin’s views on cryptocurrencies.
He had a few things to say about Bitcoin.
"Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper." – Elon Muskhttps://t.co/U5qOnM7nBo
— Yassine Elmandjra (@yassineARK) February 19, 2019
Per a report from The Block, who compiled the crypto-centric comments made on the installment, Musk overtly expressed that cryptocurrencies hold promise.
When asked about the subject matter, Musk chuckled, asking his interviewer, “Crypto, seriously?” But he this wasn’t a malicious comment. Holding in laughter, the visionary behind Tesla recalled a time where he presumably got locked out of his Twitter due to an innocuous, ‘straight out of left field’ quip about Bitcoin. Here’s the story:
As reported by Live Coin Watch previously, on an October afternoon, Musk went on a bit of a posting spree, openly remarking that he “loves anime,” Japanese cartoons. In subsequent comments, he accentuated his love for this medium of entertainment. Eventually, he tweeted an image of a fan-made anime character clad in Bitcoin-studded clothing, with the following message in tandem: “Wanna buy some Bitcoin?”
Some took this as a hint that one of his handful of startups, including Tesla, SpaceX, OpenAI, among other groups, would make a foray into cryptocurrencies. Twitter was a bit more sardonic, locking Musk out of his account in fears that the internet mainstay got hacked.
According to the Ark Invest interview, Musk sent this laugh-inducing image in response to the abundance of Bitcoin and Ethereum scammers that were then populating the web.
While he did this to somewhat poke fun at this space, he went on to laud Bitcoin, claiming that its structure is “quite brilliant.” However, he noted that from his point of view, cryptocurrencies are computationally intensive, meaning that copious amounts of energy are required for their security. Musk subsequently shut down rumors that Tesla would adopt cryptocurrency in some fashion, noting that it wouldn’t be a good use of Tesla’s resources.
But, he went on to remark that cryptocurrencies are great for bypassing currency controls, along with the restraints of paper fiat/banknotes.
Elon Musk & Crypto: An Ongoing Legend
While Musk openly commented on cryptocurrencies on the aforementioned podcast, he has mostly kept quiet about his thoughts on this ecosystem. The electric car proponent’s involvement with this space probably had its roots in Musk’s role at PayPal, where he pushed for the facilitation of a global payments ecosystem.
While he left the company after a brief stint, securing millions in the process, his love for digital money seeming stuck to him. While he didn’t mention Bitcoin publicly until recently, it has long been suspected that he’s kept a close eye on cryptocurrencies.
Photos have even circulated of Musk holding a book emblazoned with a visual representation of Bitcoin online.
With his recent comments in mind, along with his previous run-ins with this industry, it is clear that he holds some form of appreciation for cryptocurrencies. But will he act on his seeming enamorment with this space? If so, what form will his involvement take?