Elon Musk: I don't spend a lot of time thinking about Crypto Assets

Elon Musk, CEO of TSL, SpaceX, chairman of X and the richest man today, declared he wouldn’t spend “a lot of time” thinking about Crypto Assets. Recently, in an X Space hosted by Ark Invest CEO Cathie Wood, the self-proclaimed “dog father” stated that he was more interested in the concept of money and the elements that surround it.

Elon Musk is no longer keen on Crypto Assets

Elon Musk, who is ostensibly very interested in Bitcoin, has declared that he no longer likes Crypto Assets. In an X Space hosted by Cathie Wood, CEO of fund management firm Ark Invest, Musk was asked what he thinks about the future of Bitcoin and its impact on global financial markets.

Musk’s answer suggests that he is not interested in Crypto Assets issues. He said:

"I have to say that I don’t spend a lot of time thinking about Crypto Assets, almost nothing. ”

Despite this, the richest man in the world stressed that he is interested in money and its definition, and said that he sees it as a “database of resource allocation”, establishing network concepts such as latency, noise, congestion and packet loss with concepts related to money.

Musk explained that as long as the government doesn’t abuse its privilege to create more money, if the supply of fiat money is predictable, then “it’s actually fine.”

Musk’s recent lack of interest in Crypto Assets contradicts his previous behavior, having publicly endorsed Bitcoin and DOGE on several occasions and calling himself the “Father of Dogs.”

In addition, TSL began accepting Bitcoin payments as early as March 2021, but stopped accepting them in May 2021 due to Bitcoin’s energy footprint. At the time, Musk said he would start accepting Bitcoin “when it is confirmed that Miners use (about 50%) clean energy reasonably and has a positive future trend.” Even after selling 75% of its Bitcoin in the second quarter of 2022, TSL still has Bitcoin reserves.

Recently, he distanced himself from Crypto Assets issuance and declared that none of his companies would issue Crypto Assets.

What do you think Musk is not interested in Crypto Assets? Let us know in the comments section below.