Elon Musk shared his thoughts regarding the current monetary system and his views on the role of crypto within it.
Elon Musk took part in a live coverage held by Mario Nawfal, founder & CEO of IBC Group and host of the Roundtable show, the biggest live show in crypto. A big part of their conversation was devoted to the recent scandals regarding privacy and censorship on social networks. Musk also touched on the topic of crypto, the traditional financial system, and lifted the veil of secrecy over future Twitter plans.
To understand why we need crypto we should first take a look at the current monetary system. Musk mentioned, that digitalization is already here, with almost all money having gone digital but not in a good way, meaning a lack of liberty in the traditional system. He believes that currently the role of censorship in the monetary system is growing, and control over the monetary system and financial transactions gives rise to power. That is why we should be cautious about who controls the monetary system now and what regulations will come into force. He pointed out that PayPal, in his opinion, is off track and seemingly moving in the direction of social credit and restricting transactions. And we can see that overall the fiat system is becoming excessively restrictive, thus reluctantly making room for crypto.
The crypto system essentially provides competition to the fiat system, and the worse the latter becomes, the more crypto will grow. He noted that “there is a role for crypto in the future without speaking to any particular crypto coin as a means of ensuring that the monetary system does not get completely corrupted”. As for the infinite variety of cryptocurrencies as of today, Musk believes that the market is able to solve this problem: people will gravitate towards cryptocurrencies that they think will accrue value over time and avoid the others.
Musk mentioned again that Twitter is moving towards becoming a payment method - the rumors about this started after Twitter filed payments license registration paperwork with the Treasury Department. He said that they want Twitter to be able to conduct regular payments and also make it easier to transact with crypto.
What do you think, will Elon Musk be able to play the game in the monetary system? Will his “TwitterPay” be an opposition to the traditional financial system or is it doomed to become a part of it?