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Home»ADOPTION NEWS»Elon Musk says he spends little time thinking about cryptocurrencies.
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Elon Musk says he spends little time thinking about cryptocurrencies.

By Crypto FlexsDecember 23, 20232 Mins Read
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Elon Musk says he spends little time thinking about cryptocurrencies.
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People • December 22, 2023 3:33 AM EST

Posted 1 minute ago In ~

Elon Musk said he doesn’t think much about cryptocurrencies anymore.

“I don’t spend a lot of time thinking about cryptocurrencies,” Musk said. xspace conversation December 21 with Ark Invest CEO Cathie Wood in response to Wood’s questions about the potential impact of Bitcoin on the financial system.

“I’ve been thinking about money and its nature for a long time,” Musk continued. “What is money? “This is really a database for resource allocation.”

Musk added that if fiat currency is rules-based and doesn’t have a lot of abuse from governments, “it’s actually fine as a database for resource allocation.”

Musk said he would think of the monetary system as applying information theory to money problems. “Just think of it as an information system,” he said. “We want to minimize noise, latency and packet loss. So inflation will add noise to the system.”

Musk’s comments come as his company, Tesla, appears to continue to have digital assets on its balance sheet. Tesla’s Third quarter results As of the end of September, the company was found to hold $184 million worth of digital assets.

The electric car maker has the third-largest Bitcoin holdings among publicly traded companies, behind MicroStrategy and Marathon Digital Holdings. bitcointreasury.net. Same with Tesla We accept Dogecoin For payment.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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