Elon Musk, a technology entrepreneur CEO and Founder of SpaceX and Tesla have recently gone public with his views over cryptocurrency as he mentioned that Bitcoin is a brilliant alternative to the traditional money.

In a podcast interview with an ARK Invest dated 19th February 2019, Musk carried on a conversation regarding his opinion on cryptocurrencies and other aspects such as the future of his companies.

Regarding the same, Musk mentioned that he finds the Bitcoin’s structure “quite brilliant” as cryptocurrency overrides the traditional currency controls and that “paper money is going away”. He said that crypto is for sure a better alternative than paper currency.

Musk also pointed about certain elements of the technology that is keeping his companies – Tesla and SpaceX involved in using and applying the technology. As far as the cons of cryptocurrency are concerned, he said that it is rather “computationally energy intensive” as it requires extensive use of a full-fledged computing network to secure the crypto ledger. He also said that as his company Tesla aims to advance the use of sustainable energy getting into cryptocurrency may not lead to the proper use of his company’s resources.

Musk also added that “It’s very energy intensive to create bitcoin at this point.”

In the previous year also, Musk has been noted making mention of cryptocurrency. His tweet in October last year about considering buying Bitcoin gained considerable attention on social media. Though he now says that posting a tweet of such type was a joke.  

To this, he responded saying that Twitter is filled with scammers who have impersonated him a lot of times to convince people to adopt their Bitcoin schemes. This scenario was so rampant that he once decided to join the cryptocurrency scammers saying that he too wants to buy some Bitcoin.