Tesla CEO Elon Musk believes historical errors are a feature of the current monetary system; He claims that cryptocurrency can be a solution to these errors.
Elon Musk criticizes the centralized aspect of money
On Lex Fridman’s podcast, Musk claimed the shortcomings were due to the government’s ability to intervene in the money supply through excessive pressure, which dilutes the value of the currency.
A proponent of cryptocurrency, Musk has criticized the centralized aspect of money, suggesting that the government is likely to abuse its power to control the supply of money. Accordingly, he indicated that the decentralized nature of digital currencies could offer a solution.
“I think cryptocurrencies are an interesting approach to reducing errors in what is known as the money database, which is contributed by governments that dilute the money supply. The government has the privilege to edit the money database effectively and get those edit rights to make more money whenever they want. This raises the error that there is money in the database. “
Additionally, Musk believes that current currency systems that run on old technology need to be overhauled and cryptocurrencies offer the perfect alternative to repairing the system.
At the same time, the SpaceX founder noted that the emergence of assets like Bitcoin (BTC) offers a solution, despite shortcomings such as long transaction times.
However, according to Musk, such challenges make Bitcoin a great asset to its owners, while at the same time engaging in ongoing efforts to improve the system, such as the lightning network.
Musk talks about the true identity of Satoshi Nakamoto
Musk stated that he believes that computer scientist Nick Szabo could be the creator of Bitcoin, given that it fulfills all of Nakamoto’s characteristics. At the same time, Musk also denied previous rumors that he might be the man behind Bitcoin.
Musk’s departure from Szabo goes back to the computer scientist’s proposal in 1998 to create a digital currency called “BitGold”.
Overall, Satoshi’s identity has been a hot topic for the past few months, with Australian computer scientist Craig Wright claiming to be the creator of Bitcoin and even using the court system to prove his identity.
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