Elon Musk recently mentioned that he no longer focuses much on cryptocurrencies.
During a chat with Ark Invest CEO Cathie Wood on December 21, when asked about Bitcoin's influence on finance, Musk stated that he rarely thinks about cryptocurrencies these days.
Elon Musk added: โI have thought for a long time about money and the nature of money. What is money? โItโs really a database for resource allocation.โ
Musk stated that as long as it is rules-based and not misused by the government, fiat currency works well as a system for managing resources.
Musk compared the monetary system to an information system. He explained that we should view monetary issues the same way we approach the flow of information, with the goal of reducing disturbances such as inflation, which he likened to adding interference to the system.
Also read: Elon Musk modified crypto phrase in response to Jack Dorsey
