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Elon Musk’s Tesla May Not Join Cryptocurrency Dream Run

Elon Musk showed some crypto enthusiasm with his tweet in October 2018. That threw Twitter into frenzy bringing in the speculation that Elon has more up his sleeves with regards to cryptocurrency. In a recent podcast interest, Tesla CEO said that Bitcoin is interesting, but not currently on Tesla’s road map.

Despite tweeting about the Bitcoin, Elon is firm that his electric car company is steering clear of the cryptocurrencies. “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 told Cathie Wood of ARK Invest, which has holdings in the electric car company. The world’s first and largest digital currency is interesting and could be a new essential mode for money transfers.

In the podcast interview, he stated that paper money is going away and crypto has a much better value for a transfer of value compared to fiat currencies, but it has its own pros and cons. The biggest flaw he highlighted was energy consumption for mining. To create new bitcoins, people use high-powered computers to break down the complex math problem. The miner receives one bitcoin.

While Elon Musk’s Tesla won’t see any cryptocurrency but he has had his fun over social media. He had tweeted about bitcoin in October 2018, sparking speculation by bitcoin fans on social media. Musk confessed that it was a tongue in cheek comment and he was just joking, as mentioned on CNBC.

While we know, Elon Musk understands the bitcoin framework but he was away from the Twitter game for Lightning Torch. The game was to promote the Bitcoin Lightning Network and it was passed on from one celebrity to another. After Binance CEO Chenpeng Zhao and Twitter CEO Jack Dorsey wanted to pass the torch to Elon Musk, but he maintained his silence on the issue, as Crypto Vibes reported.

To get some response, BitPanda CEO  Eric Demuth tweeted Elon that he would buy a Tesla car if Musk holds the Lightning Network torch.

Elon Musk’s Tesla or he himself look far away from the cryptocurrency world for now but he is sure that Tesla roadmap doesn’t lead it to cryptocurrency; though cryptocurrency has a bright future ahead.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Aabha Singh finds time from her hectic editorial schedule to write finance articles.

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