Elon Musk says that our current financial system suffers from historical errors. This is something that cryptocurrencies need to fix and fix.
Elon Musk looks like a bitcoiner
The Tesla and SpaceX CEO was a guest on the Lex Fridman podcast. He said that almost all errors in our monetary system are caused by the government’s ability to disrupt the money supply by printing too much money, which reduces the value of our money. On that note, Musk seems to have picked up this right from his Bitcoin handbook.
In the middle of the conversation, come up with this pearl: “Look at money as a database for transferring value across time and space.”
Below is a podcast with Elon Musk.
Money is a database
Crypto supporter Musk criticized the centralization of money during the podcast, noting that the government is likely to abuse its rights to determine the money supply. With this sentence, he hinted that the decentralized nature of digital currencies could provide a solution.
“I think the topic of cryptocurrency is an interesting approach to reducing errors in the database called money. The government contributes to this by weakening the money supply. Basically the government has rights to edit the money database and they use these editing rights to make more money whenever they want. This exacerbates the error in the money database.”
Bitcoin offers a solution
Moreover, Musk believes that the current money system is running on outdated technology that needs a complete overhaul, and cryptocurrency offers the perfect alternative to system overhaul. He also said that the rise of assets like bitcoin offers a solution, even if the network is dealing with long transaction times.
However, according to Musk, such challenges make bitcoin an ideal way to store value, while improving other aspects of the network as well. An example, of course, is the Lightning Network, a way to ensure that more transactions can be done per second.
“Coffee buff. Twitter fanatic. Tv practitioner. Social media advocate. Pop culture ninja.”