Elon Musk Refuses To Spend Time Just Thinking About Crypto

JAKARTA - Elon Musk, founder of Tesla and SpaceX, recently stated that he is no longer interested in the crypto world. In an X Space event hosted by Cathie Wood, CEO of Ark Invest, Musk was asked about his views on Bitcoin and its impact on the global financial market.

Musk briefly replied that he didn't want to spend much time thinking about crypto. "Almost nothing at all," he said. Nonetheless, the richest man in the world stressed that he was interested in money and its definition, calling it a "source allocation data base," which has similarities to the computer network concept.

Musk explained that fiat currencies, such as dollars, are actually "good" if they have predictable supplies, provided that the government does not abuse the privilege of printing more money. According to him, this is important to maintain the stability of the value of money and avoid inflation.

Musk's statement contradicts his previous stance, in which he often supports Bitcoin and Dogecoin publicly, even calling himself a "Dogefather." His tweets on Twitter often affect the movement of crypto prices.

In March 2021, Tesla began accepting payments with Bitcoin for its products, but only lasted two months. In May 2021, Musk announced that Tesla was no longer accepting Bitcoin for fear of the environmental impact of crypto mining. At the time, Musk said that he would again receive Bitcoin "when there is confirmation of a reasonable use of clean energy (~50 percent) by miners with a positive trend in the future."

Still Save Bitcoin

However, Tesla still owns a number of Bitcoins despite selling 75 percent of its portfolio in the second quarter of 2022. According to Tesla's financial statements, the company has digital assets worth $1.3 billion (IDR 20.04 trillion) by the end of June 2022, down from $2.5 billion (IDR 38.63 trillion) at the end of March 2022.

Not long ago Musk also stated that he had no intention of issuing his own cryptocurrency by stating that none of his companies would publish crypto. Musk said that he prefers to focus on products and services that are beneficial to humans, not money of any kind. "As I said before, don't blame everything on crypto," he said.

Nevertheless, the crypto market continues to grow rapidly. According to data from CoinMarketCap, the current total value of the crypto market is more than $2.3 trillion (Rp35.45 quadrillion), with Bitcoin being the largest cryptocurrency with a market capitalization of $1 trillion (Rp15.42 quadrillion).

Several other cryptocurrencies also show impressive performance, such as Ethereum, Solana, and Cardano, which have a market capitalization of more than $50 billion (Rp772.1 trillion), respectively.