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Elon Musk: 'I Don't Spend Much Time Thinking About Cryptocurrency' but Here's Catch

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Fri, 22/12/2023 - 14:15
Elon Musk: 'I Don't Spend Much Time Thinking About Cryptocurrency' but Here's Catch
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During a recent Space event on X/Twitter, the platform’s owner, Elon Musk, had a discussion of various aspects of the future world, including financial markets, AI and cryptocurrency, with Cathie Wood – CEO of Ark Invest and a vocal Bitcoin supporter.

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Here is what he told the renowned investor and Ark Invest chief executive about Bitcoin and the financial system.

Musk does not think about crypto, but there’s a nuance

Answering Cathie Wood about what he thinks about the impact of Bitcoin on the monetary system, Musk stated that he does not “spend a lot of time thinking about cryptocurrency, hardly any at all.” However, he admitted that he has spent quite a great deal of time thinking about what money actually is.

For Musk, money is a database for allocating resources. For him, fiat currency is fine for resource allocation; however, he added that “if you have a predictable money supply and it doesn’t get inflated or deflated too much, it is rules-based and provided the government does not too much abuse the privilege to create more money.”

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We are “both on the crypto team”: Cathie Wood

He stated that “an unavoidable temptation to debase the money supply” in humanity goes back to the times when money was invented in any form, including in gold. Musk then likened the monetary system to an information system, stating that like the latter has “noise,” the former has inflation, high transaction times, fraud, etc., it would be great if all of these could be reduced in a financial system. For Musk, money is information moving on a network in general.

What Musk described pretty much describes cryptocurrency, and Bitcoin in particular. Cathie Wood pointed to that, stating that she reckons that her point of view here coincides with Musk’s, and that on this issue they are “both on the crypto team.”

Musk is a well-known supporter of the original meme cryptocurrency Dogecoin. In the past, he frequently endorsed DOGE, talking about it as the “people’s money” or posting memes related to it.

In 2021, Musk debuted as host on SNL, where he discussed Dogecoin, thus giving DOGE an even bigger endorsement.

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