Elon Musk makes friends with cryptocurrencies

Elon Musk, CEO of Tesla and SpaceX, is once again speaking out about Bitcoin. But the richest man on earth is not yet completely convinced.

As a tech entrepreneur, Elon Musk is actually predestined to become a Bitcoin enthusiast. So far, however, the Tesla founder has never clearly stated his stance on cryptocurrencies. But the tone is changing.

In a tweet, Ben Mezrich, author of „Bitcoin Billionaires“, writes, probably in view of the recent price increases, that he will Bitcoin Superstar never again refuse to be paid in Bitcoin. A stance Musk agrees with in a comment under Mezrich’s initial post. It gets interesting in the rest of the thread, though. There, Musk posts a comment that at least suggests that the billionaire has already taken a deeper look at money in general.

  • The thing we call money is just an information system for labour allocation.
  • What actually matters is making goods & providing services.
  • We should look at currencies from an information theory standpoint.

Whichever has least error & latency will win.
– Elon Musk (@elonmusk) January 15, 2021

What we call money is just a system that enables the division of labour. What really matters is the production of goods and the provision of services. We should look at currencies from an information-theoretical point of view. Whatever has the least error and the least latency will win.

Musk still undecided

Whether this brings Musk any closer to a bitcoin investment is questionable, however. In earlier interviews, the entrepreneur, who was also involved in the founding of the payment service provider PayPal, had expressed doubts about whether BTC could actually become the currency of the future.

The Bitcoin community has great expectations of Elon Musk. If the richest man on earth were to make a positive statement about Bitcoin, it would be a huge step towards legitimising the cryptocurrency and would probably lead to significant price movements.

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