Last Saturday, Elon Musk, who joined the popular Youtube podcast Lex Fridman, suggested that historical mistakes characterize the current monetary system. The Tesla CEO states that the errors are due to the government’s ability to interfere with the money supply through excessive pressure, which “dilutes” the currency’s value. Let’s take a look at Elon Musk’s crypto money statements, which we compiled as Kriptokoin.com .
Elon Musk relies on the decentralized nature of cryptocurrencies
Musk, a crypto advocate, has criticized the centralization aspect of money, noting that the government is likely to abuse its rights to determine the money supply. Along these lines, he implied that the decentralized nature of cryptocurrencies could offer a solution. In part of the podcast, Musk made the following statements on the subject:
I think the crypto money thing is an interesting approach to reduce the error in the database called money, contributed by the governments that dilute the money supply. The government has effective editing privileges in the money database and can use these editing privileges to earn more money whenever they want. This increases the money error in the database.
Also, Musk believes that current monetary systems run on legacy technology that needs an overhaul and cryptocurrencies to offer an excellent alternative to fix the system. At the same time, the SpaceX founder noted that the emergence of assets such as Bitcoin (BTC) offers a solution despite shortcomings such as long transaction times. However, such challenges, according to Musk, make Bitcoin an excellent storehouse of wealth for its holders, while accepting ongoing attempts to improve the system, such as the lightning network.
on the identity of Satoshi Nakamoto Additionally, during the session, Musk delved into the controversy surrounding the true identity of Satoshi Nakamoto, the anonymous inventor of Bitcoin. Musk stated that he believes computer scientist Nick Szabo could be the creator of Bitcoin, as he meets all the characteristics of Nakamoto. At the same time, Musk denied previous rumors that he might be the person behind Bitcoin.
Musk’s choice of Szabo stems from the computer scientist’s 1998 proposal to create a digital currency called “BitGold”. Overall, Satoshi’s identity has been a hot topic in recent months, with Australian computer scientist Craig Wright claiming to be the creator of Bitcoin, even using the court system to prove his identity.