Elon Musk: Crypto Is a 'Bulwark' Against Centralized Control

Tesla CEO Elon Musk spoke about XRP cryptocurrency, though he did not specifically mention XRP as a better option for crypto payments.

World's richest person and the owner of companies like SpaceX and Tesla, Elon Musk, spoke about XRP cryptocurrency, though he did not specifically mention XRP as a better option for crypto payments. He did, however, say that the crypto sector presents a better alternative to shift the economic sector away from centralized powers.

On 21 Oct 2024, speaking at a town hall in Pittsburgh, Musk was asked whether he believes XRP crypto will eventually be incorporated into financial institutions despite the hostility from the U.S. Securities and Exchange Commission (SEC) under Gary Gensler’s leadership.

Musk did not provide a specific comment on XRP adoption but shared his general thoughts on crypto and blockchain technology. The owner of X (formerly Twitter) stated that he believes crypto is an “interesting and probably valuable bulwark against centralized control.”

He quickly clarified that his statement was “definitely not an endorsement or lack of endorsement of XRP.” However, Musk emphasized that “crypto by its very nature helps with individual freedom.”

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Elon re: Crypto pic.twitter.com/lloHDbhSa1

These remarks suggest Musk is well aware of top cryptocurrency projects and their potential.

Elon Musk & His Interest in Artificial Intelligence (AI)

Elon Musk was highly involved in the crypto sector between 2020 and 2022. However, in early 2023, he shifted his focus from crypto to AI. He officially addressed this change of interest via his X (Twitter) account, and a few months later, he launched a new AI firm X.AI with an AI bot, which was directly integrated into the X platform.

https://t.co/ObyMPOR7wk#ElonMusk Seems Interested In AI ChatBot “#ChatGPT”

Read also: Hoskinson says Cardano will surpass both Ethereum & Bitcoin in the future

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