Elon Musk: Bitcoin Structure is Brilliant, But Has Its Cons; Paper Money is Going Away

Elon Musk, who among other things, is a pioneer in the payments industry, has weighed in on one of the most divisive topics in finance today: Bitcoin. In a podcast with Cathie Wood of ARK Invest, Musk, the co-founder and chief executive of electric car maker Tesla, was asked to 'go off topic' and offer up some thoughts on the most famous cryptocurrency. From a report: 'I think the bitcoin structure is quite brilliant. But I'm not sure that it would be a good use of Tesla's resources to get involved in crypto,' he told Wood. Musk, who founded PayPal, added that the days of paper money are numbered and digital currencies could offer a more efficient solution to shifting value. '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,' he said.

Read more of this story at Slashdot.