Speaking to Ark Invest CEO Catherine Wood, Musk candidly admitted, “I don’t spend a lot of time thinking about cryptocurrency—almost at all.”
This statement came in response to a question regarding the potential impact of Bitcoin on the financial industry.
Musk further pondered the nature of money, stating, “I’ve contemplated the essence of money for quite some time. In essence, it is merely a database for resource allocation.”
Interestingly, this declaration coincided with reports that Musk’s company, Tesla, continues to hold significant digital asset reserves. According to their third-quarter results, the electric vehicle manufacturer possesses a staggering $184 million worth of digital assets. They currently rank third in terms of BTC holdings, trailing behind MicroStrategy and Marathon Digital Holdings, according to bitcointreasury.net. Additionally, Tesla has embraced Dogecoin as a valid form of payment.
Contrary to speculation surrounding the rebranding of Twitter, Musk firmly asserted that none of his companies would create their own cryptocurrency tokens. Nonetheless, the possibility of an eponymous “Xcoin” was widely discussed among crypto enthusiasts and journalists. In anticipation, unknown individuals even secured the xcoin.eth domain as a precautionary measure. However, Musk unequivocally dismissed these assumptions.