Elon Musk Opinion on Bitcoin | DataDash
Welcome to this cryptocurrency episode of DataDash. In this episode Nicholas Merten talks about Elon Musk's remarks that the design of Bitcoin is 'Brilliant' and could provide a better means of value transfer then traditional fiat money.
Elon Musk positive remark with Bitcoin:
- CryptoCurrency bypasses currency controls, paper money is going away. Crypto is a far better way to transfer value then a piece of paper.
Elon Musk negative remark with Bitcoin:
- CryptoCurrencies like Bitcoin use a lot of computational energy to run, verify, and maintain the system.
Nicholas talks about how the price of mining cryptocurrencies such as Bitcoin has made it more competitive and actually can be seen to work in the favor of implementing renewable energy to more effectively mine transactions. No one wants to mins a grid price so it just makes sense to go for the cheapest alternative to be able to create the computing power required to confirm transactions. This in a sense is speeding up the need for renewable resource technology.