“Government interference in currencies a source of error,” Elon Musk says

July 22, 2021

On Wednesday, Elon Musk appeared alongside Ark Invest CEO Cathie Wood, and Twitter CEO Jack Dorsey at the online “B Word” event, moderated by Steve Lee from Square Crypto.

The three had a good discussion on Bitcoin and were very outspoken. It was Musk who immediately made some noteworthy remarks in his first stint.

He started by saying that he wants Bitcoin to succeed:

“All I own outside of stock in my companies is Bitcoin, BY FAR, and a little Ethereum and Doge… I would like to see Bitcoin succeed”

Equal opportunity 

The Tesla CEO continued and spoke about money and Bitcoin from an information theory perspective, by considering the least error, thereby making a  striking statement:

“Fraud being a source of error, government interference in currencies being a source of error.”

Musk’s hint at the apparent flaws of the current monetary system and fiat was quickly picked up by Jack Dorsey who said about Bitcoin:

“It’s deeply principled…”

“And at the same time, it is not controlled by any state, it is not controlled by any bank, it is not controlled by any corporation.”

He added:

“A lot of our monetary policies, a lot of our monetary systems cause so much distraction and so much costs.”

Dorsey went on and spoke about how Bitcoin’s community inspired him, the importance of global interconnectivity, as he shared what motivated him since the early days:

“If the internet had a native currency, what would it be? And to me that would be Bitcoin, because of its principles”

About the importance of Bitcoin, Dorsey said that:

“Bitcoin is something precious and unique. It therefore has to be protected at whatever cost.”

SpaceX holding Bitcoin was another revelation in the discussion as Musk confirmed by saying:

“I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, and I do personally own a bit of Ethereum and Dogecoin of course.”

He added that: “We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.”

During the online discussion. Musk wore a BTC themed t-shirt and appeared to be very optimistic about the future of the digital gold.

He also stated that there “appears to be a positive trend” in renewable energy usage for BTC mining, citing the recent closure of coal-powered mining plants in China.

Bitcoin for Payments

Musk disclosed the possibility that Tesla will start accepting Bitcoin for payments again, as he said:

“I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin.”

Musk also asked Jack Dorsey, whether he would consider accepting bitcoin as payment from Twitter’s advertisers as a way to support the cryptocurrency.

Dorsey said that he agreed with the concept but that he was more focused on creating “economic incentives in the network itself without having to rely on advertising.”

However, when Musk pressed him for an answer of whether he would actually accept advertisers to pay with bitcoin Dorsey laughed and stopped short of any commitment.


Musk would not be the ‘Dogefather’ if he would not touch the subject of his favorite crypto dogecoin. Musk said he likes that the DOGE community is very irreverent and “has great memes and loves dogs, and I love dogs and memes.”

He added:

“The most ironic and entertaining outcome would be the the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency.”

Bitcoin’s price seems to have rebounded on Wednesday in the build-up to the event and is currently trading at $32,000.

The post “Government interference in currencies a source of error,” Elon Musk says appeared first on iGaming.

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Author: Peter Siu

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