Technology entrepreneur Elon Musk has confirmed that none of his companies will ever create a cryptocurrency token and that although he is familiar with the technology behind digital currencies, he does not intend to get involved in their development. He clarified his stance during an interview with online publication The Verge.
Musk stated that "the purpose of Tesla is not to create currency," referring to the electrical car manufacturing giant, which he currently helms as CEO. He continued by explaining that although cryptocurrencies have value and he believes in their potential, they should remain separated from any of his own companies' operations. The tech entrepreneur was asked about cryptos because of his involvement in two blockchain-based currencies - Dogecoin and Bitcoin - through which he has been able to amass personal wealth since 2013.
He also believes that transactions with crypto tokens can work faster than those involving traditional currencies such as dollars or euros. However, this does not mean that he is personally interested in creating them, at least for now. Musk also explained his reservations about investing in startups related to these currencies due to the volatile nature of the market.