Elon Musk spoke out about cryptocurrencies during his podcast with Katie Wood
Elon Musk spoke about cryptocurrencies during a podcast with Kathy Wood, revealing that he has stopped thinking much about cryptocurrency. According to The Block, Musk shared his theory on the nature of money in a conversation with the head of Ark Invest, Kathy Wood.
"I don't spend a lot of time thinking about cryptocurrency—almost none," Musk said in response to Wood's question about the potential impact of Bitcoin on the financial system.
Musk stated that he had long thought about money and the nature of money and now views it as a "database for resource allocation." He added that fiat currency is good as a "database for resource allocation" as long as it operates by the rules, and governments do not abuse it too much.
"Just think of money as an information system. You also want to minimize noise, minimize delays, and minimize losses. And inflation would add noise to the system," Musk said.
At the same time, Tesla owns the third-largest amount of Bitcoin assets among publicly traded companies, after MicroStrategy and Marathon Digital Holdings, according to Bitcointreasury data. The company has reported for two consecutive quarters that it has not sold any cryptocurrency.