What does Elon Musk think about Bitcoin and cryptocurrencies now?
What does Elon Musk think about Bitcoin and cryptocurrencies? The well-known entrepreneur has a checkered history with digital systems. Yesterday he referred to the issue in a conversation with Cathie Wood, disappointing many enthusiasts. Crypto no longer plays a role for him.
Here’s what Elon Musk thinks about Bitcoin and cryptocurrencies
On Twitter, Musk chatted with Cathie Wood, founder and CEO of Ark Invest. The company is currently participating in the race for Bitcoin spot ETFs in the USA.
When asked what Musk thinks about Bitcoin today, he replies:
In general, I have to say, I spend little time thinking about cryptocurrencies – if any.
For Musk, an overarching question is now more important: What is money? He doesn’t have a general problem with fiat currencies, as long as they do their job adequately. Musk describes money as a “database for the distribution of resources”. However, Fiat’s role is often disrupted by harmful governments, Musk said.
Fiat currencies are good when you have a predictable circulating supply that doesn’t get overly inflated or compressed.
Musk is commenting on excessive inflation and deflation. He imagines fiat currencies that work according to clear rules, rather than at the discretion of individual people.
X needs a few months to reach the payment platform
The super app X that Musk is aiming for only needs a few months to launch as a payment platform, as he explained to Wood. The application will be based on Twitter. The short message service has already applied for licenses as a payment service provider.
I believe we will receive our approval early next year. I would be surprised if it takes longer than mid-2024.
However, Musk did not disclose any details about the payment service. Many enthusiasts hope that Dogecoin will integrate Musk’s favorite currency and thus build a bridge between the fiat and crypto worlds.
So far there is no information that suggests crypto adoption on the part of X. Company owner Musk swore off Bitcoin in 2021 due to its energy consumption and has since publicly presented himself as a supporter of DOGE.