The Chief Executive Officer (CEO) of Tesla Elon Musk in his latest interview to the media reaffirmed his faith in Bitcoin structure deeming it a brilliant innovation of modern technology. Musk believes that the currency is “a far better way” for transactions and the value transfer.
Despite believing in the power, security and reliability of cryptocurrencies Musk believe that the major issue with the currencies is the high energy consumption levels is a drawback of the currency.
He further expressed that this is the very reason why Tesla is not planning to put any resources into cryptocurrencies or the crypto-sphere. He explained that Tesla is focusing on accelerating sustainable energy solutions. The high energy consumption in the cryptocurrency sphere makes it an indirect conflict of policy.
Despite having no direct connection with cryptocurrencies and no financial connection with the crypto-sphere Musk believes that the paperless transaction of value that cryptocurrencies provide is much better than the current paper money.
Musk has officially declared in a tweet that he owns no cryptocurrency what so ever in exception of a quarter Bitcoin (0.25) that a friend had gifted him.