Elon Musk, CEO of Tesla and SpaceX, holds diverse views on Bitcoin. In 2021, Tesla invested $1.5 billion in Bitcoin and began accepting the cryptocurrency as a payment method for vehicle purchases. However, in May 2021, the company stopped accepting Bitcoin after evaluating the environmental impact caused by the high energy consumption involved in Bitcoin mining, as reported by edition.cnn.com on July 21, 2021.

Nonetheless, Musk continues to recognize Bitcoin’s potential as a digital asset. In an interview, he revealed that, in addition to investing in his companies, he also has personal investments in Bitcoin, Ethereum, and Dogecoin. Musk added that he supports Bitcoin’s success and hopes to see it grow.

However, according to a report from kumparan.com, Musk also pointed out several weaknesses of Bitcoin. He noted that Bitcoin’s transaction volume is relatively low, and the transaction fees are quite high, making it more suitable as a store of value rather than a daily payment method. In contrast, he believes Dogecoin is better suited for daily transactions due to its lower transaction costs and lighter nature.

Overall, Musk sees great potential in Bitcoin and other cryptocurrencies, but he also acknowledges the challenges, particularly in terms of transaction efficiency and the environmental impact they cause.