One of the most vocal supporters of cryptocurrency Dogecoin (CRYPTO: DOGE) over the years has been billionaire Elon Musk.
During a recent interview, Musk minimized his focus on cryptocurrency.
What Happened: Elon Musk once went on "Saturday Night Live" and shared with the world what Dogecoin was all about. Musk's tweets and public comments about the cryptocurrency have often led to spikes in the valuation of the meme coin.
Cryptocurrency fans may have been disappointed to tune in to a X Spaces between Ark Funds CEO Cathie Wood and Elon Musk on Thursday.
"I don't spend a lot of time thinking of cryptocurrency," Musk said.
Musk was asked by Musk specifically about Bitcoin (CRYPTO: BTC), a topic Musk hit on less than other topics like AI, X, SpaceX and others.
The billionaire said that fiat currency is fine as a database for resource allocation, if inflation or deflation is minimal.
Wood shared that it's important to have rules-based cryptocurrencies such as Bitcoin.
Musk added that he applied the information theory to money.
"It's an information system, you want to minimize noise."
Related Link: EXCLUSIVE: Why Does Cathie Wood Think Bitcoin Is Going To $1 Million — What Does She Know That We Don’t?
Why It's Important: Wood asked Musk about Bitcoin in the context of Tesla Inc (NASDAQ:TSLA) famously adding the cryptocurrency to its balance sheet.
The move by Tesla led to increased validation for the leading cryptocurrency and saw several analysts and experts point to it as a key moment for the crypto.
While Musk didn't share too much on his future beliefs in cryptocurrency, there remained hope that financial payments being enabled on social media platform X could include cryptocurrencies such as Bitcoin and Dogecoin.
Musk also shared during the Spaces that X obtained financial payment licenses in over half the states. A timeline of mid-2024 was shared by Musk for when all states will be secured by X.
Photo: Shutterstock
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