Musk: I won't spend a lot of time thinking about cryptocurrency

According to The Block, Elon Musk stated in a conversation with Ark Invest CEO Cathie Wood at X space that he is now hardly considering cryptocurrency. When responding to Wood's question about the potential impact of Bitcoin on the financial system, Musk said, "I don't spend much time thinking about cryptocurrency - almost not at all." Musk also discussed his long-standing thoughts on money and its nature, believing that money is essentially a database for resource allocation. He added that as long as it is rule-based and government abuse is not severe, fiat currency "as a database for resource allocation is actually fine." Musk views the monetary system as applying information theory to the problem of money. He said, "Just think of it as an information system. You want to minimize noise, reduce latency, and decrease packet loss. Therefore, inflation adds noise to the system."

At the time of this comment being made, Tesla seems to continue holding digital assets on its balance sheet. Tesla's third-quarter results showed that by the end of September, the company held digital assets worth $184 million. Among publicly traded companies, Tesla has the third-largest amount of Bitcoin holdings after MicroStrategy and Marathon Digital Holdings. Additionally, some Tesla merchandise accepts Dogecoin as a payment method.