Elon Musk: Cryptocurrency Is Better Than Paper Money

Tesla CEO Elon Musk has said that Bitcoin’s (BTC) formation is “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.” Musk gave this statement during an interview on consultative assistance company ARK Invest’s podcast on Feb. 19.

When inquired about the matter of cryptocurrencies, Musk laughed and said: “Crypto, seriously?”

Bitcoin and ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin?” he said. “Then I got my account got suspended cause obviously there was like some automatic rule that if you try to sell bitcoin or something and I was just joking

Crypto is Better than Paper Money?

Talking about the drawbacks of cryptocurrency, he said he considers its application of a large computing network to defend its ledger is “computationally energy intensive.” He continued that, for a firm that intends to increase the enactment for sustainable power, it may not be “a reliable performance of Tesla’s means to get involved in crypto.”

To that end, Musk stated he thinks that bitcoin’s structure is quite splendid. He said

It 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.

Notwithstanding Musk’s assertive stand on cryptocurrencies, his admiration for the composition of top cryptocurrencies like Bitcoin and Ethereum and his testimony that ultimately decentralized currency will take over paper money, the Tesla CEO explained that his company will not commence exchanging Bitcoins anytime soon.

The Tesla founder had tweeted about bitcoin in the month of October 2018, igniting discussions by bitcoin enthusiasts on social media that it was just a prank. Musk affirmed Wood that the remark was tongue in cheek, and told his account got provisionally halted because there’s some knee-jerk rule about selling bitcoin.

Musk has been imitated many occasions on Twitter by scammers who have attempted to utilize his profile’s analogy in crypto “give-away” plots, an advancement he perceived in his comments.

In the month of August 2018, One impersonator had hacked Elon Musk’s official Twitter account with a fake verified account and offered his 22.5 million followers free Bitcoin and ethereum cryptocurrencies. According to Twitter’s impersonation policy, it is a violation of the Twitter Rules and twitter accounts portraying another person in a confusing or deceptive manner may be permanently suspended.

Twitter has witnessed such attacks in the past that use fraudulent accounts to trick people into sending them cryptocurrencies like bitcoin and ethereum. The accounts of many big people like Ethereum co-founder, Vitalik Buterin, and cybersecurity expert John McAfee, have been impersonated by hackers – with a fake Twitter-verified status. At present, there are more than 100 accounts that have been hacked on Twitter. The hackers have been able to find various ways to attract the victims for cryptocurrency fraud and Twitter has not been able to prevent such scams or hacks. This is not the first time anything like this hack has taken place.

In the month of February 2018, a group of attackers was able to break the security of Tesla’s Amazon cloud server and mine digital currency through it. Besides, it additionally enabled them to get to the organization’s exceedingly delicate information, for example, telemetry. Researchers at California based Cloud threat defense company RedLock had discovered that hackers compromised Tesla’s Amazon cloud account to mine cryptocurrency.

The majority of Musk’s interview with Wood and ARK Invest examiner Tasha Keeney focused around Tesla’s fate in mechanization and electric transports. Musk stated he anticipates the firm will have the technology required to actually run vehicles without drivers by the end of the year 2019.

Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.

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