Elon Musk is not thinking about cryptocurrencies and is focusing on financial platform on X

Elon Musk said he hopes to turn X into a “huge brain” and turn it into a financial platform once it obtains licenses from regulatory bodies.
Confirming at the same time that he no longer thinks about cryptocurrencies.

This was in a lengthy 100-minute meeting with ARK Invest CEO Cathie Wood via “X Spaces” on Thursday.

Cathie Wood, CEO of investment management firm ARK Invest. It is an early investor in Elon Musk’s Tesla and still maintains a large percentage of its ownership in the electric car maker.

Elon Musk confirms: I don’t think much about cryptocurrencies

I don’t spend a lot of time thinking about cryptocurrencies — hardly any time at all. I have thought for a long time about money and the nature of money. What is money? It is actually a resource allocation database.

Musk said in response to Wood’s question about Bitcoin’s impact on the financial system.

Musk emphasized that fiat currency is “actually good as a database for allocating resources” provided it is rules-based and there is no significant abuse by the government.

Musk stated that he thinks of the money system as an application of information theory to money problems.
Think of it like an information system. You want to reduce noise, reduce delay, reduce packet loss. So inflation would be adding noise to the system.

Elon Musk.

Musk’s comment came two months after Twitter X tweeted that no one of his companies would ever launch a cryptocurrency.

However, his company, Tesla, still holds digital assets on its balance sheet.
The company’s third-quarter results showed that Tesla had $184 million in digital assets at the end of September.

The electric car manufacturer has the third-largest Bitcoin holdings among publicly traded companies.
After MicroStrategy and Marathon Digital Holdings, according to data from bitcointreasury.net. Tesla also accepts Dogecoin as payment.

Huge brain to fight fake news

Another topic is about publishing news on the Internet and the challenges facing social trading platforms.

Musk said he intends to expand X to deliver: “the right information to as many people as possible.”

Adding: “We want to create a collective mind or collective consciousness where everyone reports information to the system and gives their opinions. Think of it as a giant mind.”

“Now, with the Internet and a fast-moving platform like X, you can have all the people out there reporting and summarizing information via experts,” Musk concluded.

“Are all the neurons communicating with the least possible noise? If you pass information that is not interesting or is wrong, you will get the least traffic,” he added. “We have made progress with bots and hackers, but there is work to do,” he concluded.

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