Elon Musk is definitely interested in digital currency, but it seems that he doesn’t want to understand it. At least, I worry that he doesn’t have a deep enough understanding of Bitcoin (BTC) and decentralized systems in general.
A decentralized system has to be secure, and proof-of-work (PoW) is the solution for Bitcoin to secure its digital asset. The more successful Bitcoin is, the more energy is required for PoW to secure the network. In other words, the reason that Bitcoin uses up so much more electricity than Dogecoin (DOGE), for example, is because BTC is much more secure than DOGE.
The irony of Elon Musk
From a power perspective, BTC uses up more energy in Bitcoin mining. This is due to the fact that Bitcoin is in a leadership position. The irony is that electricity is amorphous — amorphous in the sense that you don’t know where it comes from. Just by