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Elon Musk: ‘I Don’t Spend a Lot of Time Thinking About Cryptocurrency’

Elon Musk: 'I Don't Spend a Lot of Time Thinking About Cryptocurrency'

Elon Musk, CEO of Tesla, Spacex, chairman of X, and the wealthiest man alive, has declared he doesn’t spend “a lot of time” thinking about cryptocurrency. In a recent X Space hosted by Cathie Wood, CEO of Ark Invest, the self-proclaimed “Dogefather” stated he had more interest in the concept of money and the elements surrounding it.

Elon Musk Is Not Much Into Crypto Anymore

Elon Musk, who had ostensibly been very interested in Bitcoin, declared he was not into crypto anymore. In an X Space hosted by Cathie Wood, CEO of the fund management firm Ark Invest, Musk was asked about his opinion on the future of Bitcoin and its influence on global financial markets.

Musk answered by showing his disinterest in the crypto issue. He stated:

I have to say, I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all.

Nonetheless, the wealthiest man in the world stressed that he was interested in money and its definition, stating that he thought about it as “a database of resource allocation,” establishing similarities between network concepts like latency, noise, congestion, and packet loss with money-related concepts.

Musk explained that fiat currency was “actually fine” if it had a predictable supply, provided that governments don’t abuse the privilege to create more money.

Musk’s recent disinterest in crypto contradicts his former actions, having supported Bitcoin and Dogecoin publicly several times and calling himself the “Dogefather.”

Also, Tesla started receiving bitcoin for payments back in March 2021, only to stop accepting it in May 2021 due to the energy footprint of Bitcoin. At the time, Musk stated that he would start accepting bitcoin “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” Tesla still owns a bitcoin stash even after selling 75% of its holdings in Q2 2022.

Recently, he has distanced himself from crypto token issuance, declaring that none of his companies would ever issue a cryptocurrency.

What do you think about Musk’s disinterest in crypto? Tell us in the comments section below.



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