“Crypto is the Future of Currency and Fiat will be Obsolete” – Elon Musk

The CEO of Tesla and cryptocurrency enthusiast, Elon Musk, has once again spoken in favor of decentralized currency, stating that a day could come when it will eventually replace paper money.

In a recent episode of ARK Invest’s FYI podcast hosted by Tasha Keeney, “On the Road to Full Autonomy With Elon Musk,” the Tesla CEO spoke about the developments underway at Tesla and about cryptocurrencies, with reference to the future of finance and technology. Keeney referenced the dire financial situation in Africa, where currency restrictions prohibit citizens from converting their currency and forcing them to, at times, go through the US dollar.

In light of the same Musk replied, “It bypasses currency controls. Paper money is going away and crypto is a far better way to transfer value than pieces of paper.” Despite Musk’s positive stance on cryptocurrencies, his appreciation for the structure of top coins like Bitcoin and Ethereum and his affirmation that eventually decentralized currency will takeover paper money.

However, the Tesla CEO clarified that his company will not start selling Bitcoins anytime soon.

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Content by @sharecrypto