Elon Musk: I don’t spend a lot of time thinking about cryptocurrencies

Elon Musk, CEO of Tesla, SpaceX, Chairman of X, and the richest man alive, claims he doesn’t spend “a lot of time” thinking about cryptocurrencies. Speaking recently at X Space, hosted by Ark Invest CEO Cathie Wood, the self-proclaimed “dogfather” said he’s more interested in the concept of money and the elements around it. Bitcoin mining

Elon Musk no longer keen on cryptocurrencies

Elon Musk, who is ostensibly very interested in Bitcoin, has declared that he no longer likes cryptocurrencies. During X Space, hosted by Cathie Wood, CEO of fund management firm Ark Invest, Musk was asked for his thoughts on the future of Bitcoin and its impact on global financial markets.

Musk’s answer showed that he is not interested in cryptocurrency issues. He said:

“I have to say I don’t spend a lot of time thinking about cryptocurrencies, almost none.”  Kaspa Miner

Nevertheless, the world’s richest man emphasized that he is interested in money and its definition, stating that he sees it as a “database of resource allocation,” establishing that network concepts such as latency, noise, congestion, and packet loss are related to money.

Musk explained that as long as governments don’t abuse their prerogative to create more money, and if the supply of fiat currency is predictable, then “it’s actually pretty good.”

Musk’s recent disinterest in cryptocurrencies contradicts his previous behavior, in which he has publicly endorsed Bitcoin and Dogcoin on several occasions, calling himself the “Father of Dogs.

Additionally, Tesla began accepting bitcoin payments back in March 2021, but stopped accepting them in May 2021 due to bitcoin’s energy footprint. At the time, Musk said he would start accepting Bitcoin “when it is confirmed that miners are using (~50%) clean energy wisely and with a positive future trend.” Even after selling 75 percent of its bitcoin in the second quarter of 2022, Tesla still has bitcoin reserves.

Recently, he distanced himself from cryptocurrency issuance and declared that no cryptocurrency will be issued by any of his companies.

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