Elon Musk Distances Himself From Cryptocurrency

Elon Musk Distances Himself From Cryptocurrency 

Elon Musk, CEO of Tesla, SpaceX, and chairman of X, distances himself from cryptocurrency. He stated that he doesn’t spend “a lot of time” on cryptocurrency. The self-proclaimed “Dogefather” said he is more interested in the concept of money and its elements during a recent X Space hosted by Cathie Wood, CEO of Ark Invest.

Elon Musk Is Not Much Into Crypto Anymore

Elon Musk, who is known for his keen interest in Bitcoin, stated that he was not into crypto anymore and was more interested in exploring the concept of money. Cathie Wood, CEO of the fund management firm Ark Invest, hosted the Space X and asked Musk about his opinion on the future of Bitcoin and its influence on global financial markets.

Musk decided to distance himself from the crypto issue and said:

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

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

Musk said that fiat currency was “actually fine” if it had a predictable supply, provided governments did not abuse the privilege to create more money.

Musk has been supportive of Bitcoin and Dogecoin publicly on several occasions and is also known as the self-proclaimed “Dogefather.” But recently he distanced himself from crypto in contradiction to his previous stances.

Tesla Holds on to the Bitcoin Stash 

Tesla began accepting Bitcoin payments in March 2021 but stopped accepting them in May 2021 on the grounds of Bitcoin's energy footprint issue. However, Musk then stated that he would accept Bitcoin “when there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend.” Tesla also continues to own a Bitcoin stash even after liquidating 75% of its holdings in the second quarter of 2022.

Recently, Musk distanced himself from issuing crypto tokens, declaring that none of his companies would ever issue a cryptocurrency.

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