Elon Musk: Cryptocurrency is the future - paper money will soon fade away

The cryptocurrency community has definitely become excited by the fact that the CEO of Tesla and avid cryptocurrency enthusiast Elon Musk is making waves online once again by claiming that cryptocurrency is indeed the future of money and that a global currency is right around the corner, and with countries such as Venezuela and Thailand beginning to allow people to trade with cryptocurrency and the massive company Starbucks allowing customers to pay for their goods with Bitcoin, you cannot help but agree with Elon Musk.

The CEO of Tesla spoke on the topic of cryptocurrency on a podcast run by ARK Invest’s FYI called “On the Road to Full Autonomy With Elon Musk,” and brought to life a market which has been trapped for over a year in a long-running bear market.

Elon Musk has referred to cryptocurrency as exciting new technologies which are likely to change the world as we know it.  He mentioned that “It bypasses currency controls. Paper money is going away and crypto is a far better way to transfer value than pieces of paper.”

Elon Musk was not alone in his interest in cryptocurrency.  The CEO of payments processors at Square, Dorsey, also made a comment about Bitcoin "probably" becoming the internet's "native currency".

The crypto community has been long awaiting names like these to begin talking about the benefits of Bitcoin and other cryptocurrencies publicly and this is a hopeful step towards the common use of cryptocurrencies.  The faith that these two celebrity figures appear to have in cryptocurrencies surpassing all other currencies is profound and is definitely making a statement.

Unfortunately, neither Elon Musk nor Dorsey appears to own much in the way of cryptocurrency and Elon Musk did comment that the high-energy requirements of mining cryptocurrencies are one of the downfalls of cryptocurrency.

Elon Musk commented, “ I think that the Bitcoin structure was quite brilliant, it seems like there’s some merit to Ethereum as well, and maybe some of the others. But, I’m not sure if it would be a good use of Tesla resources to get into crypto.”

I don't think that we can expect to see Tesla accepting Bitcoin any time soon and Dorsey does not appear to be pushing the boundaries either.  But the fact that they are talking about it and making it public is a step in the right direction.