Elon Musk openly promotes cryptocurrency via his Twitter. The Tesla and SpaceX CEO consistently supported Bitcoin and the meme currency Dogecoin. In March 2021, he announced that Tesla will accept Bitcoin as a mode of payment to purchase electric vehicles. Musk thinks that Dogecoin could be the next future currency and he can put it on the moon. Musk’s tweets often lead to a surge in the price of the cryptocurrency. Netizens have named this phenomenon ‘The Musk Effect’.

Also Read | Top 5 cryptocurrencies of the day: BTC down by 0.31%, Ariva trends at No. 1

Recently, in a stage interview with Kara Swisher at the Code Conference 2021, Elon Musk spoke about cryptocurrency and his space plans.

Kara Swisher started the interview with China and cryptocurrency.

Also Read | Bitcoin will be here even if most cryptocurrencies fail

“That’s my safeword, by the way,” said Elon Musk. He jokes about ‘cryptocurrency’ being his safe word. When talking about China’s approach to cryptocurrency, he said that “It would appear that they don’t love cryptocurrency. I can’t speak to exactly why.”

China has banned all crypto transactions and crypto mining.

Also Read | IITian entrepreneur from Himachal enters top 10 Richest Indian List 2021

Musk added that “Cryptocurrency is fundamentally aimed at reducing the power of the Chinese government, and they don’t like that.”

“Part of it might be to do with electricity shortages,” Musk speculates.

“I suppose cryptocurrency 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,” said Kara. “Is that a good thing?” she asked to which Musk replied that “It is if the price goes up.”

Musk also discussed the “information theory” in regards to money. He said that “Any form of money has no power in and of itself except as an exchange of value between people.”

Kara asked him “Should governments take control of crypto?” Musk said that “It’s impossible to destroy crypto,” but it’s possible for governments to “slow it down.”

Musk mentioned that Dogecoin could be the future currency and also jokes that how a currency that originated as a meme became a real currency.