The founder and CEO of Tesla went public with his stance on Bitcoin, admitting that it has a ‘brilliant’ structure. However, the executive also said that cryptocurrencies won’t be a good use of Tesla’s resources.

Elon Musk: ‘Bitcoin’s Structure is Brilliant’

Elon Musk, the founder and CEO at electric car manufacturer Tesla, spoke on a podcast of Ark Invest called On The Road to Full Autonomy.

After discussing the specifics of autonomous vehicles at length, Musk also shared his position on cryptocurrencies and Bitcoin, in particular.

The executive seems to believe that Bitcoin does have a brilliant structure but he also shared that crypto is unlikely to be a good use of the company’s resources, given that his company’s goal is to boost the adoption of sustainable energy.

Bitcoin’s structure is brilliant but I don’t think it would be a good use of Tesla’s resources to get involved in crypto. – Musk said.

At the same time, Musk outlined that cryptocurrencies hold much greater value for transfer of value compared to traditional paper money while outlining some of its pros and cons.

Paper money is going away and crypto is a much better value for a transfer of value than pieces of paper but it has its pros and cons. […] It’s very energy intensive to create bitcoin at this point.

Addressing Previous Involvement

Musk also commented on a tweet he made in October last year, regarding buying bitcoin.

He explained that this was merely a joke following the rampant growth of Bitcoin and Ethereum scammers.

Bitcoin and ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin? – Musk said.

Earlier this month, My Bitcoin News reported that Jack Dorsey, the CEO at Twitter and Square, said that it’s only a matter of time for the Lightning Network to be implemented in Square’s CashApp.

What do you think of Elon Musk’s position on cryptocurrencies? Share your thoughts down below!

Cover photo by Flickr