Main Street seems to be giving cryptocurrency a second look. Last week, Jamie Dimon and JPMorgan Chase & Co. (NYSE: JPM) announced an investment in JPM Coin, which will become the first digital token provided by a U.S. bank.
This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk lent cryptocurrency additional validation.
“Paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure,” Musk said Tuesday on an ARK Invest podcast. “That has its pros and cons.”
While praising the “brilliance” of Bitcoin and ethereum structures, Musk noted the development process challenges Tesla’s mission to create clean, sustainable energy.
“I think one of the downsides of crypto is that computationally it’s quite energy intensive,” he said. “There had to be some kind of constraint on the creation of crypto, but it’s very energy intensive to create the incremental Bitcoin at the point.”
But the value of digital currency is neither here nor there for the Silicon Valley automaker.
“I’m not sure that it would be the best use of Tesla resources to get involved in crypto,” Musk said. “We’re just really trying to accelerate the advance of sustainable energy.”
For now, he’ll stick to electric semi-trucks. And batteries. And flamethrowers.
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