- Kimbal Musk labeled the cryptocurrency in the World today as a “nonstarter.”
- It is because of the massive amount of crypto currency mining required for the environmental effects.
- He said he is agaisnt it as it causes environmental damages.
Elon Musk’s brother, Kimbal Musk stated that the cryptocurrency in the world today is a “nonstarter.” He said he is strictly against something that is environmentally damaging. Both Elon and Kimbal believe that cryptocurrency still has room to improve.
Kimbal Musk has told Input Magazine that the negative effects of cryptocurrency on the environment concern him a lot. It is proven that mining cryptocurrency consumes a pretty large amount of energy and that is precisely why last year his brother Elon has stopped the customers from paying for Tesla in the form of bitcoin. However, the company still holds approximately two billion dollars on the balance sheet, even today.
Kimbal Musk told Input that he is strictly against anything that is capable of causing damage to the environment.
Crypto as it stands today is a ‘nonstarter’.
He also said that it is an important task to fix these environmental issues as it is bad for all of us.
Musk had a chit-chat with Input regarding a number of topics, which includes his personal opinion on wealth as well as his food equality crypto collective Big Green Decentralized Autonomous Organization.
This group is crafted on the Ethereum blockchain. Every decision that DAO makes, is made with the votes given by each and every member of the following blockchain.
Musk told Input that he has faith in Ethereum 2.0. It is crafted in a way that takes up less energy than ether. It is also designed to be more secure.
Ethereum 2.0 will be more environmentally friendly which will attract more investors. This is also because it will consume less energy.
Apart from that, Kimbal has also shared some tips that his brother gave him regarding cryptocurrencies. Elon has gained a name for himself when it comes to virtual currency as he tweets about dogecoin, meme coin and even stating that people were allowed to buy Tesla using the virtual currency.
Kimbal however said that he is ignorant of Elon’s perspective of crypto but the biggest advice he ever received from him was to ‘be cautious.’