Elon Musk declined to endorse XRP during a recent town hall discussion in Pittsburgh, Pennsylvania. When asked about the potential adoption of the XRP Ledger by financial institutions, Musk remained neutral. However, he emphasized the broader role of cryptocurrencies in promoting individual freedom and decentralization.
Stay neutral on specific cryptocurrencies
In a video shared by XRP advocate Bill Morgan, Musk stated that he would not comment on any specific cryptocurrency, including XRP. He said: âI certainly canât talk about any specific cryptocurrency, but I think cryptocurrency is an interesting and valuable bulwark against centralized control. This is not an endorsement or disapproval of XRP.â
His caution reflects the ongoing regulatory scrutiny surrounding XRP and other digital assets. However, Muskâs neutrality does not diminish his overall value for cryptocurrencies.
Muskâs comments underscore his belief that cryptocurrencies serve as a tool against centralized control, in line with his support for decentralization in other areas, such as electric vehicles and space exploration. He reiterated that cryptocurrencies are essential to protecting individual liberties, a consistent theme in his public statements regarding digital currencies.
While supportive of other cryptocurrencies like Bitcoin and Dogecoin, Musk has largely refrained from commenting on assets like XRP despite growing interest in the coin.
Musk Warns of US Financial Instability Amid Bitcoin Surge
Musk also sparked widespread speculation in the cryptocurrency market after Tesla moved $750 million in dormant Bitcoin to new addresses. The move comes after weeks of Bitcoin's price surge fueled by optimism from BlackRock and developments in China, pushing the cryptocurrency closer to its all-time high.
Musk also issued a warning about the US government's finances, claiming that the country was on the brink of bankruptcy due to excessive spending. At the event, Musk highlighted rising inflation and unsustainable federal debt, declaring, "The federal government is bankrupting America by spending."
He reinforced his message on social media, warning that government spending was "out of control" and calling for spending cuts to avoid long-term financial disaster.