The 31-year-old singer thinks the chart-topping hit represents a landmark moment for the music industry, because much of its success was driven by the social video-sharing app TikTok.
Speaking to Apple Music, Grimes explained: "I feel like the situation with 'Old Town Road' may be, like, the most significant musical situation of the last decade.
"Like rejected from the country charts, came up through TikTok. Like, it really is this weird hyper modern situation that's the song, popped off cause of technology.
"Cause even, I think, he bought the beat from a guy and the whole thing is just this post social media occurrence that just could never have happened before the moment it happened."
Meanwhile, Grimes previously revealed she hopes her baby becomes a fan of raving.
The singer is preparing for the arrival of her first child with tech entrepreneur Elon Musk, and Grimes has revealed she wants her child to get into raving from a young age.
The music star - whose real name is Claire Boucher - explained: "Children need to get into raving, but I don't think I'll rave with my kid ... I don't think kids and adults need to rave together.
"But I wish I had discovered dance music at an earlier age. I don't have a problem with late bedtimes/nocturnalism. Unless there's some health risk I should know about.
"The baby has already been exposed to a lot of techno in the womb."
Grimes also revealed she wants to ensure her baby isn't "too spoiled".
She said: "I'll probably have to send them to live in the woods with my grandpa periodically so they aren't too spoiled. He's very intense. Lots of physical labour in the cold and whatnot, haha!"
