In a rare comment from Elon Musk on cryptocurrency, the Tesla and SpaceX founder said that Bitcoin “is quite brilliant.”
“Paper money is going away and crypto is a far better way to transfer value than pieces of paper, that’s for sure, but it has its pros and cons.”
Musk also gave Ethereum props on the ARK Investment podcast Tuesday (listen here):
“There seems like there is some merit to Ethereum as well.”
Elon Musk: Bitcoin Is Brilliant, But Tesla’s Not Going Full-Crypto
It’s a strong endorsement of cryptocurrency and Bitcoin coming from Silicon Valley wunderkind Elon Musk, the billionaire engineer/entrepreneur who made a major play in digital payments when he merged his online banking services startup X.com with Peter Thiel’s outfit a few blocks away to form PayPal.
But despite his high praise for Bitcoin and his belief in the inevitability of cryptocurrency becoming the dominant financial infrastructure for the world, Musk says he won’t be getting Tesla Motors involved in the space:
“But I’m not sure that it would be a good use of Tesla’s resources to get involved in crypto.”
Of course, Bitcoin and cryptocurrency aren’t anything that should be taking up any of Musk’s time. He’s got his hands full working an average of 42 hours a week at Tesla and 40 hours a week at SpaceX. He would know – he organizes his day into 5-minute slots.