Tesla chief Elon Musk made another comment on the definition of money, with some interpreting it as supportive of Bitcoin (BTC) and others not as much.
In a Twitter exchange, Musk agreed with American author Ben Mezrich who said that he wouldn’t turn down getting paid in BTC again. Then, with Parallax Digital CEO Robert Breedlove stating that money is a tool for moving value across spacetime, with only BTC being able to move it across these dimensions, Musk argued that currencies should be observed from an information theory standpoint, with the winner being the currency with least error and latency.
The thing we call money is just an information system for labor allocation.
What actually matters is making goods & providing services.
We should look at currencies from an information theory standpoint.
Whichever has least error & latency will win.
— Elon Musk (@elonmusk) January 15, 2021
Information theory is the scientific study of quantification, storage, and communication of information, traced back to a 1948 paper by Claude Shannon, who is often called ‘the father of the Digital Age.’ The continual interest in the theory and subsequent research resulted in numerous contemporary technologies.
Breedlove would further comment that Musk is “starting to see” that bitcoin is “an indisputable database which is why it is becoming the undisputed champion of money.”
Others, however, read Musk’s take on money somewhat differently.
I really have to disagree on this.
His tweet is really about money being a lubricant that facilitates exchange. So it’s only useful when it leads to productivity. That’s the opposite of the function of ‘store of value’.— Mt. Xog (@MtXog) January 15, 2021
This Musk’s latest deconstruction of money, so to say, follows a recent interview in which he had discussed raising USD 5bn, just stating: “What is money? Money is an entry in a database.” Some took this statement as Musk suggesting that money is bitcoin.
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