Recently, billionaire Elon Musk, a prominent advocate of Dogecoin, expressed a decreased emphasis on cryptocurrency during an interview.
When Elon Musk appeared on 'Saturday Night Live,' he explained the concept of Dogecoin to a global audience. Musk's tweets and public statements regarding the cryptocurrency frequently caused significant increases in the value of this meme-based coin.
Crypto enthusiasts who tuned in to the X Spaces event between Cathie Wood, CEO of Ark Funds, and Elon Musk on Thursday might have felt let down.
"I don't spend a lot of time thinking of cryptocurrency," Musk said.
During the discussion, Elon Musk was questioned about Bitcoin, but he seemed to focus less on this topic compared to others such as AI, X, SpaceX, and more.
The billionaire stated that fiat currency serves as an acceptable database for allocating resources as long as inflation or deflation remains minimal
Wood emphasized the significance of having rule-based cryptocurrencies like Bitcoin, while Musk mentioned that he applied information theory to the concept of money.
"It's an information system, you want to minimize noise."
Wood raised the topic of Bitcoin in relation to Tesla Inc's notable decision to include the cryptocurrency in its balance sheet, and asked Musk about it.
Tesla's action resulted in heightened validation for the primary cryptocurrency and prompted numerous analysts and experts to highlight it as a significant milestone for the crypto industry.
Although Musk didn't provide extensive insights into his future beliefs regarding cryptocurrency, there was still optimism that financial transactions facilitated on social media platform X could incorporate cryptocurrencies like Bitcoin and Dogecoin.
Musk also mentioned during the Spaces session that X has acquired financial payment licenses in more than half of the states. Musk projected a timeline of mid-2024 for X to secure licenses in all states.