Elon Musk, PayPal's Co-founder Believes Cryptocurrency Will Replace Fiat

Elon Musk, co-founder of Paypal and CEO of Tesla, Inc. in an interview with ARK Invest stated that cryptocurrency will replace paper money. Musk who is reputably known to be impersonated on Twitter when it comes to crypto scam, also pointed out that bitcoin is a better way to make transfers than fiat currency.

Cryptocurrency is a Better Way of Transferring Value

In an interview “On the Road to Full Autonomy With Elon Musk”, on February 19, Elon Musk said he likes virtual currencies for its fluid ability to navigate around trouble. He added that cryptocurrency bypasses currency control and it is a better way to transfer value in comparison to using paper money. “That’s for sure. Without a doubt“, he added.
Elon Musk who was impersonated on November 5 with an account that was able to scam people up to 6 Bitcoin, also pointed this out. According to him, there was a time when bitcoin and ethereum scammers were so many on Twitter. He had decided to join in and make a joke out of it by tweeting, “wanna buy some bitcoin?” which got his account suspended.
Therefore, it seemed like there was an “automatic rule that if you try to sell bitcoin or something and I was just joking.” On the other hand, the entrepreneur outlined that one of the downsides of cryptocurrency is its energy intensiveness when it comes to computation. Therefore, this creates some sort of limitation on how virtual assets are created.

Telsa Won’t be Offering Bitcoin for Sale

Other than pointing out the perks and downsides of using cryptocurrency, Musk said Telsa will not be offering bitcoin for sale. When asked by the interviewer, Tasha Keeney, “Just to clarify, Tesla’s not going to start selling bitcoin?”, Musk replied by saying, “No we are not”.
The co-founder also outlined that:

“I mean I think the bitcoin structure was quite brilliant. It seems like there’s some merit to Ethereum as well, and maybe some of the others. But, you know, I’m not sure if it would be a good use of Tesla resources to get into crypto

That aside, Mike Novogratz, a former Goldman Sachs partner on February 13 stated that bitcoin will become the digital gold. Novogratz believes that the virtual asset will gradually have an increment in its price and in 2019, people should expect around $8,000. The same was reported of Nikolaos Panigirtzoglou, a JP Morgan analyst who believes bitcoin will make a major comeback given that it has passed its bubble and burst stage.

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