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Elon Musk May Have Just Called It Quits With Crypto

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By Dewey Olson - - 5 Mins Read
Elon Musk silhouette profile, Dogecoin logo background
Featured Photo | Shutterstock


Elon Musk silhouette profile, Dogecoin logo background
Featured Photo | Shutterstock


At a recent X Space event, Cathie Wood, the CEO of Ark Invest, discussed rumors that suggest Elon Musk's interest in cryptocurrencies is decreasing.


Crypto enthusiasts familiar with Elon Musk's passion for cryptocurrencies have recently discussed signs of a decline in his interest in the breakthrough sector.


This is a significant topic considering his enthusiasm earlier this year when Tesla announced that it would start accepting Bitcoin as a payment option for electric car purchases.

Elon Musk's Waning Enthusiasm for Cryptocurrencies

In the past, Elon Musk played a significant role in influencing the bull market for Bitcoin as he embraced Bitcoin. Still, in a quick twist, he discontinued accepting it as a payment method for Tesla vehicles.


However, recent statements made by Musk indicate a shift in his perspective.


He now considers "fiat currencies," traditionally perceived as adversaries to cryptocurrencies, to have a valid role as a medium of exchange for goods and services.


This change in stance has puzzled many, given Musk's previous vocal support for Bitcoin's libertarian ideals.



While various altcoins, such as XRP and SHIB, continue to vie for Musk's attention, he remains uninterested mainly in these alternative cryptocurrencies.


Musk has distanced himself from the crypto space, foregoing any plans for issuing cryptographic tokens through his companies.

Elon Musk's Reflections on Money

During the X Space event, Musk shared his contemplation on money.


Viewing it as a resource allocation database, he drew parallels between network concepts like latency, noise, congestion, and packet loss and their relationship to money-related elements.


Despite dedicating little thought to cryptocurrencies, Musk emphasized the importance of understanding money's societal role. Now, for Musk, he does not have to think too much about crypto.


“I have to say that I don’t spend much time thinking about cryptocurrencies. Almost no one does,” The Tesla CEO admitted on the X Space.


Although Elon Musk's association with Dogecoin is gradually fading, its impact on the meme cryptocurrency was initially profound.


Musk incorporated DOGE as a payment option in Tesla and SpaceX online stores and touted it in his tweets.



However, the long-term effects of his influence have been limited, with Dogecoin experiencing volatility.


Beyond Musk's evolving stance on cryptocurrencies, recent controversies surrounding the content distributed on the X platform (previously known as Twitter) have caught his attention.


Numerous multinational corporations have expressed their desire for increased censorship to prevent violent and inappropriate content.


Moreover, Musk's response to these concerns carries considerable weight, given his role as the CEO of Tesla and SpaceX and the executive chairman of X.


Elon Musk's latest ostentatious affairs, unrelated to digital currencies, involve a dispute with Walt Disney's CEO, Bob Iger, and other prominent figures in the realm of American multinational corporations.


The altercation appears to have begun roughly a month prior, when Musk was alerted to the fact that content promoted on his social media platform X contained unethical themes, including anti-Semitism and the exploitation of minors.


In his retort, the billionaire elucidated that in a democratic society, the right to freedom of speech must be upheld, even at the risk of supporting "provocative" material.


Numerous companies, such as Walt Disney, have threatened to withdraw their advertisements from X if Musk does not take decisive action.


In conclusion, Elon Musk's apparent disinterest in cryptocurrencies marks a notable shift from his previous involvement.


While he once embraced Bitcoin, his focus shifted to other matters, such as money. Musk's impact on the crypto space, particularly Dogecoin, remains noteworthy despite his diminished interest.


As controversies and concerns surrounding content on social media platforms continue, Musk's responses hold significant influence, shaping the ongoing dialogue about censorship and appropriate expression.