Elon Musk Pretends to Be Indifferent to Cryptocurrencies
Date: 2023-12-26 Author: Dima Zakharov Categories: BUSINESS
Elon Musk's Cryptocurrency Disinterest
In a recent conversation with Ark Invest CEO Cathie Wood on the Spaces app, Elon Musk made a bold statement on December 21st. He claimed that cryptocurrencies are of little concern to him, sparking curiosity and skepticism within the crypto community.
A Complex Relationship with Crypto
Elon Musk has had a mercurial relationship with cryptocurrencies. He initially embraced Bitcoin for Tesla payments, then reversed that decision, opting for Dogecoin, and eventually acquiring "Twitter," a hub for the crypto community.
Even before acquiring the social platform, Musk used it to promote Dogecoin, a single tweet of his capable of significantly impacting the meme coin's price. His influence even led to the creation of new meme coins like Floki Inu, named after his own Shiba Inu dog.
However, during his conversation with Cathie Wood, Musk stated, "I don't spend much time thinking about cryptocurrencies. I hardly think about them at all."
Musk's Disinclination for Publicly Traded Companies
While discussing his flagship venture, Tesla, Musk admitted to disliking managing a publicly traded company. He cited the constant pressure to meet shareholders' short-term expectations, which he believes can hamper efficiency.
Even before purchasing "Twitter" and turning it into a private company, Musk had contemplated creating a "super app." This raised expectations that "Twitter" would be used for payments under his leadership, with Dogecoin as a potential payment method.
However, due to various controversies, advertiser departures, and declining revenues, the envisioned "super app" never materialized. Currently, the community expects this feature to be available by 2024. Yet, it is unclear if Musk plans to use cryptocurrency for Twitter payments at the technology's initial rollout.
Moreover, Musk may still change course and take "Twitter" public again, potentially disappointing future shareholders.
