Eccentric tycoon and owner of Tesla, SpaceX and X (Twitter), Elon Musk, reveals his shift away from cryptocurrencies

During a conversation with Cathie Wood of Ark Invest at an X Space event held yesterday, Elon Musk, the visionary entrepreneur, shared that he no longer dedicates as much time to cryptocurrencies as he thinks. Instead, it has turned its attention to other interests.

In the course of the talk, both leaders discussed the current state of the cryptocurrency industry and the possible impact of Bitcoin on traditional finance. Musk said:

“I don’t spend much time thinking about cryptocurrencies, almost nothing at all… I have thought for a long time about money and its nature. What’s the money? It’s really a database for resource allocation.”

On the role of fiduciary money, Musk argued that it works properly for its purpose when it is based on rules and there is no abuse by the government. He added:

“Just think of it as an information system, what you want is to minimize noise… latency… packet loss. And then inflation would add noise to the system.”

K. Tovar

Source: DiarioBitcoin

(Reference image source: @patobonato, X)

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