The inefficiency of the set of heterogeneous resource allocation databases we call money is astounding
— Elon Musk (@elonmusk) March 17, 2023
Entrepreneur Elon Musk’s remark about the inefficiency of the current monetary system is thought-provoking, though he did not elaborate. One possible interpretation is that he believes a more centralised system, in which customers deposit and withdraw money through a single entity, would be more efficient than the current system with multiple access points. The more entry and exit points a system has, the greater the risk of failure, according to Musk.
