Elon Musk Calls Crypto a Great Replacement for Paper Money


Major innovators in various industry spaces have voiced their approval of Bitcoin and other cryptocurrencies – today, super-scientist Elon Musk added more affirmation in a podcast with ARK Invest.

Musk has so far been reticent about personally investing in Bitcoin or directing Tesla resources toward the crypto coin.

He underscored that idea to ARK, pointing out that since Tesla is trying to accelerate adoption of sustainable energy practices, it doesn’t really make sense to invest in cryptocurrency.

That’s because, he said, cryptocurrency mining is energy-intensive.

However, where Musk said cryptocurrency shines is in providing asset holders with a fluid and easily transferred financial vehicle.

“Crypto is a far better way to transfer value and pieces of paper,” Musk said, “That’s for sure.”

In fact, he argued, traditional national currencies are quickly becoming obsolete.

“Paper money is going away,” Musk said.

Earlier in the interview, Musk joked about getting dinged online for a statement that looked like a solicitation to purchase Bitcoin.

“I was just joking,” Musk said.

However, in their own way, his recent comments might entice others to get more serious about assessing crypto coins as the possible dominant payment exchange method of the future.

When it comes to real indicators, there are numerous green shoots evident in the crypto space, from central banks pondering their own coin innovations to healthcare networks using blockchain for data quality assurance. But comments from individuals like Musk don’t hurt, either.

Some other tech leaders have been more vocal and more specific in their endorsement of coins.

For one, Jack Dorsey, Twitter’s CEO, has been aggressive about bigging up Bitcoin.

“The world ultimately will have a single currency, the internet will have a single currency,” Dorsey has been saying as far back as March 2018 to CNBC. “I personally believe that it will be Bitcoin.”

Correspondingly, BTC value is also significantly up from lows this part winter. Moving up to over $3900, BTC nears the psychological $4000 mark that may have many more voices piling on to adore the top crypto coin circulating in today’s fintech space.