Elon Musk Interested in Bitcoin

By Chetna Phour

In a recent tweet, Elon Musk showed interest in buying Bitcoin. Elon Musk replied to a tweet by asking one of his followers if he wanted to buy Bitcoin.

Elon Musk is the founder, Chief Executive Officer (CEO), and lead designer of SpaceX, co-founder, co-founder and CEO of Neuralink, CEO, and product architect of Tesla, Inc.,  and co-founder of PayPal. In 2016, Elon Musk was ranked 21st on the Forbes list of The World’s Most Powerful People. In 2018, Elon Musk was listed as the 46th richest person in the world by Forbes.

Tesla is an American automotive and energy company. It specializes in electric car manufacturing through its solar city subsidiary. According to Elon Musk, Tesla aimed at offering electric cars at affordable prices. Musk said that the primary goal of Tesla, SolarCity, and SpaceX is to change the world for humanity. With his projects, Elon Musk is looking forward to reducing global warming through sustainable energy production and consumption. Elon is also planning to reduce the risk of human extinction by establishing a human colony on Mars.

When such an influential person tweets about Bitcoin, how it could happen that his tweet got unnoticed by the crypto fraternity. As soon as Elon tweeted, the Chief Executive Officer of Binance, Changpeng Zhao expressed his intentions of buying the luxurious vehicle by Tesla if Elon Musk accepts cryptocurrencies.

In the tweet, Changpeng Zhao said that

“Lol, it’s spreading. I will buy a Tesla if you accept crypto….”

Changpeng Zhao is the co-founder and CEO of Binanace, the world’s largest cryptocurrency exchange by trading volume. In 2017, Zoho founded Binance and raise $15million of funds with an Initial Coin Offering (ICO). In less than a year, Changpeng Zhao grew Binance into world’s largest crypto exchange. In 2018, Forbes placed him at the third position on the list of The Richest People in Cryptocurrency.

Both Zoho and Elon are trying to change the world. With efficient electric vehicles by Tesla, Elon wants to save the environment while Zoho intends to bring the concept of decentralized financial transactions. But if we talk about the energy consumption of Bitcoin mining, it is too high. According to the studies, the same amount of energy which is used for Bitcoin mining can power Argentina for the whole year. Though the energy consumption of Bitcoin and cryptocurrency mining is very high but till now no one has calculated the cost of printing and minting of currency notes and coins. It seems that the cost of printing and minting paper and coin currency will also be on the higher side, but people have the option to switch to the eco-friendly Tesla.