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Elon Musk says cryptocurrencies help fix the mistakes of fiat money

Elon Musk says cryptocurrencies help fix the mistakes of fiat money

Elon Musk, the CEO of Tesla and a well-known supporter of cryptocurrencies, shared his vision of the future of money in one of his interviews.  

According to Finbold, the billionaire revealed in an interview that cryptocurrencies are trying to fix the mistakes made by fiat money during its historical development: 

“I think the cryptocurrency thing is an interesting approach to reducing the error in the database that is called money that is contributed by governments diluting the money supply <…> The government effectively has editing privileges on the money database, and they use those editing privileges to make more money whenever they want. This increases the error in the database that is money”.

Elon Musk separately pointed out that the current global monetary system runs on old technology. It urgently needs an overhaul, which will require a lot of effort and costs. Meanwhile, cryptocurrencies are a great and reasonably inexpensive alternative, even though they have some drawbacks, such as slow transaction speeds.  

In his statement, the Tesla CEO also rejected the theory that he is Satoshi Nakamoto, a theory that has been gaining a lot of popularity in recent days. Elon believes that bitcoin's founder is Nick Szabo, who in 1998 suggested creating the digital currency BitGold.

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