Elon Musk says he spends hardly any time at all thinking about cryptocurrency

Elon Musk stated that he not thinks that a lot about cryptocurrency.

“I do not spend plenty of time thinking about cryptocurrency — hardly any at all,” Musk stated in an X space conversation with Ark Make investments CEO Cathie Wooden on Dec. 21, in response to Wooden’s query on bitcoin’s potential influence on the monetary system.

“I’ve thought for an extended time about cash and the character of cash,” Musk continued. “What’s cash? It is actually a database for useful resource allocation.”

Musk added that fiat foreign money is “really advantageous as a database for useful resource allocation” supplied that it’s rules-based and there’s not a lot abuse from the federal government.

Musk stated that he would consider the cash system as making use of data idea to cash issues. “Simply consider it prefer it’s an data system,” he stated. “You need to decrease noise, decrease latency, decrease packet loss. And so inflation could be including noise to the system.”

Musk’s remark comes as his agency Tesla seems to proceed to carry digital property on its stability sheet. Tesla’s third-quarter results confirmed that the corporate held $184 million price of digital property at the top of September. 

The electrical car maker has the third-largest bitcoin holdings amongst publicly traded corporations, following MicroStrategy and Marathon Digital Holdings, in line with knowledge from bitcointreasury.net. Tesla additionally accepts Dogecoin for fee.

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