Elon Musk says he doesn’t think much about cryptocurrencies

During an event on Thursday (21) on Twitter, Elon Musk, the billionaire and owner of the social network, shared his perspectives on various topics that will shape the future, such as financial markets, artificial intelligence and cryptocurrencies.

Together with Cathie Wood, CEO of Ark Invest and an avid supporter of Bitcoin, Musk explored several ideas that could redefine the conventional understanding of economics and technology.

One of the highlights of the discussion was Musk’s opinion on cryptocurrencies. Although I admit it don’t spend too much time on the subjectMusk recognizes the importance of understanding money in its essence.

He views money as a database for allocating resources, emphasizing the effectiveness of fiat money under conditions of controlled money supply and clear rules. His view subtly endorses the value of cryptocurrencies, especially in terms of efficiency and transparency in the monetary system.

During a conversation with Musk, Cathie Wood highlighted the similarity between their opinions on Bitcoin. They agree that despite the challenges, cryptocurrencies offer a more efficient and transparent monetary system.

Musk’s analogy between the monetary system and information systems illustrates his belief that money, like technology, must evolve to become more efficient and less prone to failures such as inflation and fraud.

Musk’s adventure with Dogecoin

Musk’s history with the Dogecoin cryptocurrency cannot be ignored. Known for his tweets and comments that regularly increase the value of memecoin, Musk previously called Dogecoin “the people’s money.”

His appearance on Saturday Night Live (SNL) in 2021 where he mentioned Dogecoin is a clear example of his support for cryptocurrency.

Looking ahead, Musk provided details on the integration of payment services on Twitter, scheduled for mid-2024. Despite the expectations of the cryptocurrency community, he suggested that the inclusion of cryptos in payment services seems unlikely at this time.

This contrasts with the expectations of many, who expected the inclusion of cryptocurrencies such as Dogecoin into the X payment ecosystem.

Despite the current focus on other projects, it is important to note that Tesla, Musk’s company, still maintains a significant investment in Bitcoin.

Musk also shared his overview on money and digital assets. He views both as a “resource allocation database,” and his acceptance of fiat money is conditional on responsible government control over its supply and value.

Finally, Musk discussed his new project, an artificial intelligence chatbot called Grok. He aims to make this language model as “fun” as possible and position it as an alternative to OpenAI’s ChatGPT. Currently in testing phase, Grok could be yet another innovation in Musk’s growing list of achievements.

Source: Live Coins

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