Elon Musk thinks Dogecoin could be the next future currency and also thinks he can put it on the moon. The Tesla boss and SpaceX CEO who has been very openly pushing for cryptocurrency via his Twitter, and sometimes by trying to incorporate it into his methods too, like when he announced Tesla would accept Bitcoin. The billionaire who has consistently rallied support for bitcoin and the meme currency Dogecoin, occasionally putting out tweets that lead to a surge in prices. It’s not the first time Musk has done this, or even the second, or third time. Every time Musk mentions the cryptocurrency, a surge (often following an eventual downfall) occurs in the prices of the cryptocurrency. Internet sleuths have more than just co-related the phenomenon, they’ve even christened it: “The Musk Effect.” In an interview with Kara Swisher at the Code Conference 2021 Elon Musk described his space plans, and also spoke about cryptocurrency.
The interview starts with Kara Swisher wanting to touch upon with China and cryptocurrency immediately. “That’s my safeword, by the way” Elon Musk jokes about ‘cryptocurrency’ being his safe word. When talking about China’s approach to cryptocurrency, he says “It would appear that they don’t love cryptocurrency. I can’t speak to exactly why.”
For context, China’s most powerful regulators have intensified the country’s crackdown on cryptocurrencies with a blanket ban on all crypto transactions and crypto mining. The move sent bitcoin and other major coins lower, as well as pressurising crypto and blockchain-related stocks. Ten Chinese agencies, including the central bank and banking, securities and foreign exchange regulators, have vowed to work together to root out “illegal” cryptocurrency activity. While China has been putting in place increasingly stricter rules on virtual currencies, it has now made all activities related to them illegal and sent a signal of intent they plan to get even tougher on enforcing the rules. China’s central People’s Bank of China (PBOC) said it was illegal to facilitate cryptocurrency trading and that it planned to severely punish anyone doing so, including those working for overseas platforms from within China. The National Development and Reform Council (NDRC) said it would launch a nationwide crackdown on cryptocurrency mining as it tries to phase the sector out entirely.
What does Musk feel about this? “Cryptocurrentcy is fundamentally aimed at reducing the power of the Chinese government, and they don’t like that,” says Musk. “Part of it might be to do with electricity shortages,” Musk speculates. “I suppose crytocurrency is fundamentally about reducing the power of the centralized government, and they don’t like that.” “You can change the price of crypto more than China can,” says Kara. “Is that a good thing?” “It is if the price goes up,” answered Musk.
Musk also went on to discuss the “information theory” in regards to money, a step back overview of crypto, adding that “Any form of money has no power in and of itself except as an exchange of value between people.” To the question of, ‘Should governments take control of crypto?’ Musk responds, “It’s impossible to destroy crypto,” but it’s possible for governments to “slow it down.” Swisher even called Elon Musk “the crypto messiah,” but he says that it only accounts for a small number of his tweets.
Elon Musk, Tesla CEO, SpaceX boss and Dogecoin advocate, in an interview mentioned that Dogecoin cryptocurrency may be the future. In the interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple,” he said. He then explains the origins of how Dogecoin was invented as a joke, essentially to make fun of cryptocurrency, and that’s the irony, explains Musk. “That the currency that began as a joke, becomes the real currency.”
In the video, he does add that, “Don’t invest your life savings into cryptocurrency. That’s unwise.”
Read what Elon Musk said about his space expeditions in the same interview here.