7/21/2021, 8:12 PM (Source: TeleTrader)
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Musk: Bitcoin could improve economy

Bitcoin is a "candidate" for a means that could "in general" improve the economy, Elon Musk said during The B Word conference on Wednesday.

Musk pointed out that there are downsides that need to be ironed out with the world's largest cryptocurrency, singling out the proof-of-work aspect and the allegedly high energy expenditure tied to the crypto mining.

Tesla CEO said that the energy use is "a bit too much and not necessarily good for the environment." He added that he "supports bitcoin [...] on balance."

Baha Breaking the News (BBN) / BU