Tesla and SpaceX CEO Elon Musk gave an interview recently where he talked about his feelings regarding cryptocurrency. It turns out that the self-made billionaire is a huge fan of it. Musk went on to say that he believes that paper money will not be around for very much longer and will soon be considered obsolete. He feels that crypto gives people a much more efficient method to transfer value than is presently offered by paper money. However, there is one big issue with cryptocurrency that concerns Musk. He believes that this issue must be corrected before crypto is accepted and trusted by the masses.
According to Hacked.com, Musk’s primary concern about cryptocurrency in general is the fact that bitcoin requires a lot of energy to create right now. This goes against the entire reason of why Musk started Tesla in the first place. He wants to create cars that use sustainable energy. The creation of bitcoin and other cryptocurrencies require quite a bit more energy than Musk feels comfortable with at this point. This is why he does not feel like it would be a good idea for Tesla to dip its toe in the cryptocurrency pool at the present time.
There are some cryptocurrencies that are working on the problem of energy consumption. Several wind farms have been built in an attempt to negate much of the power required to power crypto operations. However, this is just one small step. Things will need to be improved a lot before cryptocurrency stops draining power like it currently does. This is a particularly big problem with bitcoin. They control more than half of the cryptocurrency market at the present time. The problem will not be solved until bitcoin miners figure out a way to perform their operations using less energy than they currently do.
There have been many people who have speculated that Elon Musk is the person who created bitcoin. This person has not been revealed as of yet. Musk has never confirmed or denied these rumors. However, it seems unlikely that the creator of a sustainable energy car company would also create a cryptocurrency that drains so much energy during its production. Musk said that he would not be surprised if the majority of the world’s financial transactions are done with bitcoin 20 years from now. This will require many old school people to have an open mind. Only time will tell if this happens.
