Elon Musk’s Lack of Interest in Crypto
Elon Musk, the CEO of Tesla and SpaceX, has announced that he no longer has much interest in cryptocurrency. During an X Space event hosted by Cathie Wood, the CEO of Ark Invest, Musk was asked about his thoughts on the future of Bitcoin and its impact on global financial markets.
In his response, Musk made it clear that he doesn’t spend much time contemplating the world of crypto. He stated:
To be honest, I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all.
However, Musk did express his interest in money and its concept, viewing it as a “database of resource allocation.” He drew parallels between network concepts and money-related ideas such as latency, noise, congestion, and packet loss.
Musk also noted that he considered fiat currency to be acceptable as long as it had a predictable supply and governments didn’t abuse their power to create more money.
A Shift in Musk’s Attitude Towards Crypto
Musk’s current disinterest in cryptocurrency contrasts with his previous actions. He has publicly supported Bitcoin and Dogecoin on multiple occasions and even dubbed himself the “Dogefather.”
Although Tesla began accepting Bitcoin as payment in March 2021, the company later stopped due to concerns about Bitcoin’s energy consumption. Musk stated that Tesla would resume accepting Bitcoin once there was confirmation of significant clean energy usage by miners.
While distancing himself from crypto tokens, Musk clarified that none of his companies would ever issue their own cryptocurrencies.
Hot Take: Musk’s Shifting Focus
Elon Musk’s recent declaration of disinterest in cryptocurrency indicates a significant shift in his perspective. While he had previously embraced cryptocurrencies like Bitcoin and Dogecoin, he now claims to dedicate very little thought to the crypto space. Musk’s focus has shifted towards money as a concept, contemplating its definition and function as a database of resource allocation. It remains to be seen how this change will influence his future involvement with cryptocurrencies and their impact on global financial markets.
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