Elon Musk, CEO of the electric car maker Tesla, said during the Third Row Tesla podcast that even though he does not consider himself a fan or enemy of cryptocurrencies, he believes Bitcoin's whitepaper is "quite interesting."
He said that cryptos act as a kind of bridge that helps to legalize illegal transactions. However, crypto supporters must be aware that these coins are sometimes used for illegal purposes:
"This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law. And there are, obviously, many laws in different countries. And, normally, cash is used for these transactions. But, in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to legal bridge. That’s where crypto comes in."
Tesla's CEO thinks problems associated with the use of cash have allowed cryptocurrencies to take their niche in the economy, however, they have a secondary role:
"Cash, these days, is used much rarer. It’s increasingly difficult to use cash. Some places, you can’t use cash at all. So where I see crypto as, respectively, is a replacement for cash. But I do not see crypto being the primary database."
Musk said in the past that using cryptos to transfer money is much more convenient than using "pieces of paper."