Musk’s views do not mean Tesla will go full crypto any time soon. His stance on crypto has never really been a secret. He rarely speaks about the topic, but his views are clear and simple:
“Bitcoin is quite brilliant. Paper money is going away and crypto is a far better way to transfer value than pieces of paper, that’s for sure. As with everything, it still has its pros and cons.”
The endorsement doesn’t really mean much considering the current state of the market. Even though Musk believes that cryptocurrencies will inevitably replace fiat, he still thinks now is not the right time to go full crypto.
“At the moment, I’m not sure that using Tesla’s resources to get involved in crypto would be the optimal strategy.”
For someone who’s as busy as Musk, optimal time management is everything. The CEO of SpaceX and Tesla works for 40 hours in one company and 42 hours in the other. With Tesla being an auto company and SpaceX being an aerospace tech company, there is much burden on Musk to innovate.
These two companies have the opportunity to score a massive monopoly if they deliver with groundbreaking new options in their respective fields. What’s more interesting however is that neither SpaceX nor Tesla are actually profitable.
Going full crypto at the right time can completely turn a company around
The companies need to constantly innovate in order to move forward unlike giants like Microsoft and Google who have had plenty of time to sit back and reap the juicy profits. Microsoft and Google can afford to steadily dive into cryptocurrencies and carefully analyze the markets.
The cloud services of Microsoft will be support the NYSE’s upcoming crypto exchange, Bakkt. On the other hand, Google along with Goldman Sachs have been heavily investing into crypto industry films despite the rough market conditions.
As an interesting side note, on the same day that Musk praised crypto, Google reacted. The giant instantly added the Bitcoin symbol to its keyboard for iOS apps.
It doesn’t take a rocket scientist to figure out that eventually electricity grids will start getting decentralized. High tech companies like Tesla will eventually be using a decentralized, peer to peer network of electricity production.
Each building will be able to generate and store its own power from solar. Depending on the type of building, Tesla Solar Roof Tiles or Tesla Power Walls could be used. Regardless of what’s used, the building will become a full node in this new power grid.
Bitcoin and other PoW cryptocurrencies will bloom in such an economy. Modern day science is on the brink of huge waves of affordable, clean and renewable energy. Elon Musk is on the top of that wave and when the time comes, he will inevitably go all in on crypto.
You can also check out:
- Silvergate Became the Biggest Crypto Bank in the World in Record Time
- Crypto Whales Active Address Holdings Increased More than Four Times
- Move Capital Out of China: Gems Used to Evade Capital Controls
- KingMiner: The New Adaptive Mining Malware with Endless Possibilities
- Marketing Campaign Gone Wrong: Bitmain Against Mangocoin - Aug 20, 2019
- Answer to Libra is Ready: China’s Digital Currency Has Been Completed - Aug 20, 2019
- Quonic: Crypto-Friendly Bank Is Open to Crypto Companies - Aug 19, 2019
- Smominru: Monero Malware Now Goes After User Data - Aug 19, 2019
- New RAT Targeting Cryptocurrencies Discovered by Zscaler ThreatLabz - Aug 16, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.