Elon Musk, one of the richest men in the world and the CEO of popular companies X, Tesla, and SpaceX has given his latest two cents on crypto stating that the idea plays a crucial role in promoting individual freedom and countering centralized control.
Elon Musk revealed his opinion on cryptocurrencies during a town hall discussion in Pittsburgh on Sunday stating the role he thinks crypto as a concept plays in society.
“ I do think that cryptocurrency is an interesting and probably valuable Bulwark against centralized control” Musk stated
Elon Musk made his comment in response to a question on the potential for XRP Ledger integration in financial institutions, particularly amid the U.S. Securities and Exchange Commission (SEC) scrutiny.
Elon Musk clarified that his statement does not mean an endorsement or lack of endorsement of XRP but rather he believes that cryptocurrency by its nature helps in individual freedom.
Elon Musk’s latest remarks come as a surprise after a long hiatus from discussing crypto-related matters.
Elon Musk and Crypto
Elon Musk is one of the wealthiest voices in crypto playing a key role in the promotion of some projects. Elon Musk was a heavy promoter of Dogecoin in its early days and the crypto asset is arguably one of the biggest memecoins now despite dropping about 80% of its value.
Besides Elon Musk’s promotion of Dogecoin, His electric vehicle company Tesla owns huge stashes of Bitcoin Assets and recently moved about $765 million worth of BTC assets to new wallets.
Tesla also at a time was accepting Bitcoin as a payment option for its Tesla Products although the service has been suspended.
Elon Musk’s latest brush with cryptocurrency is the trending Play to Earn Crypto game hosted on Telegram known as X Empire. The project was initially called Musk Empire and was modeled after him but was changed later to avoid legal issues.
The X Empire project is in the middle of an altercation with its community over abysmal Token allocation to participants of the project.
Elon Musk was tagged on various tweets complaining about the project despite having nothing to do with it.
Elon Musk’s latest comments on crypto are a bullish factor given the enormous credibility he wields and his influence on his growing community globally.