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Ilon Musk: Tesla will not work with

cryptocurrency

The world-famous American engineer, entrepreneur, inventor and investor Ilon Musk has repeatedly commented positively on Bitcoin and cryptocurrencies in general, but yesterday the millionaire said that one of his Tesla companies would not deal with cryptocurrencies.

Musk has not changed his attitude to Bitcoin, he still considers the first cryptocurrency a promising and “excellent way” of remittances, but not for Tesla.

“Bitcoin has a terrific structure, but I don’t think it would be advisable to use Tesla’s resources in the crypto sector,” Musk said in an interview with Cathy Wood, representing Tesla’s shareholder ARK Invest.

In October 2018, the founder of Tesla mentioned bitcoins in a Twitter post. Many then decided that this was not a joke. Now Musk assured Wood that he was "just kidding."

Although Musk emphasized such advantages of Bitcoin as the ability to bypass currency regulation and serve as a substitute for fiat money, he also pointed out the disadvantages of cryptocurrency, which, in his opinion, include the mining process, which requires time, effort and resources.

“Paper money is fading. Cryptocurrencies are a much more convenient means of transferring value than scraps of paper, but this phenomenon has its pros and cons. So far, the creation of Bitcoin is a very energy-intensive process, ”he noted.


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