Paper cash obsolete – cryptocurrency to take over. The death knell for cash was sounded by Elon Musk, the Silicon Valley billionaire, in a podcast released Tuesday.
“Crypto[currency] is a far better way to transfer value than pieces of paper, that’s for sure,” Musk said on the “FYI — For Your Innovation” podcast.
Musk also said that the technology behind Bitcoin is “quite brilliant” and remarked on Ethereum by saying “it seems like there is some merit to ethereum and maybe some of the others.”
Musk did note that Tesla, however, would not get involved with digital currency – it wouldn’t be a good use of the company’s resources. Mining cryptocurrencies also takes a lot of computer power, and therefore, electricity.
“I think one of the downsides of crypto is that it, computationally, it is like quite energy intensive,” Musk said. “It is very energy intensive to create the incremental bitcoin at this point
Musk also noted that while he has friends that are incredibly involved in crypto, he himself has admitted that he literally owns zero cryptocurrency other than .25 BTC that someone gave him years ago. That would be worth $1,273 at the time of writing.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey told The Times of London in March. It will happen “probably over 10 years, but it could go faster,” he said.
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