Elon Musk: “I don’t have much time to think about virtual currencies”

“Thinking about the essence of money”

Elon Musk, CEO of Tesla, the owner of X, said on Twitter Space (X Space), “I don’t spend any time thinking about cryptocurrencies.”

This time, during an X Space conversation with Wood, CEO of major hedge fan Ark Invest, he was responding to Wood’s question about Bitcoin’s potential impact on the financial system. Ark is currently applying to list a Bitcoin spot ETF in the United States.

Mr. Musk has been attracting attention from the cryptocurrency community by frequently mentioning Bitcoin and virtual currencies and expressing his personal opinions, but recently he seems to have refrained from making any comments related to virtual currencies. .

At this X Space, he said, “I have been thinking about money and the essence of money for a long time, but what is money? It is truly a database for resource allocation.” “I don’t think it would be a problem as a database for resource allocation, as long as it is based on rules and not subject to too much abuse by the government.” (See The Block)

He also talked about the money system as applying information theory to money problems, saying, “You can think of it as an information system. Minimize noise, minimize delay, minimize packet loss.” “Inflation, on the other hand, adds noise to the system.”

Looking forward to talking with @elonmusk today at 5 pm ET on X Spaces! Can’t wait to hear his thoughts on the AI ​​space, bitcoin, and so much more. Join us. https://t.co/LAdIzl7QAa

— Cathie Wood (@CathieDWood) December 21, 2023

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X payment service

At the same X Space, Mr. Musk also mentioned the timing of the launch of X’s payment service.

The company is currently awaiting approval of multiple remittance license applications, and payment services could begin in the middle of next year. As for the possibility of introducing virtual currency into X’s payment service, it seems that expectations have temporarily receded from the above statement.

Meanwhile, Tesla, whose CEO is Musk, held $184 million worth of Bitcoin as of the third quarter of this year, and is also allowing customers to purchase some products using Dogecoin. .

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