Elon Musk explained in his X Chat with Ark Investment CEO Cathie Wood that he has little time to think about cryptocurrencies.
Businessman Elon Musk avoided mentioning cryptocurrencies during his meeting with Ark Invest CEO Cathie Wood at X Space on December 21. Musk announced that he does not show much interest in cryptocurrencies at the moment.
“I don’t spend a lot of time thinking about cryptocurrency, almost none.”
Musk also evaded a question about the impact cryptocurrencies like Bitcoin could have on financial markets. Although his name was once linked to the Doge, cryptocurrency doesn’t seem to be a topic occupying much of Musk’s time these days.
“What is money? Essentially, it is a database that manages resource allocation…”
But Mr. Musk’s ideas about money and its nature are different. Musk noted that fiat currencies are “a good database for really managing resource allocation” if they are rule-based and not overly abused by governments.
According to Musk, efficiency is one of the most important factors in an economic system. He believes that the financial system should operate by minimizing noise, delays and losses. Musk also explained that inflation corrupts the system and needs to be kept under control.
When asked about Platform X, Elon Musk said that the company plans to launch payment services in the middle of next year if various licensing applications are approved.
