On July 21, the three most famous Bitcoin boosters in the tech world, Tesla founder Elon Musk, Twitter and Square founder Jack Dorsey, and ARK Invest CEO Cathie Wood discussed the value and potential of cryptocurrency at The ₿ Word conference.
The ₿ Word is a virtual conference hosted by the Crypto Council for Innovation. It is a project around Bitcoin that aims to uncover the mystery and stigma in the mainstream Bitcoin, explaining why and how institutions accept Bitcoin, and at the same time raise public awareness of Bitcoin.
Since the announcement, this conversation has been highly anticipated. This blog is going to sorts out the main points of Elon Musk, Jack Dorsey, and Cathie Wood talking about Bitcoin.
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SpaceX Owns Bitcoin
Tesla’s disclosure of $1.5 billion worth of Bitcoin on its balance sheet earlier this year has aroused widespread concern in the crypto market. But in the recent decline in the crypto market, Tesla has not been rewarded for the time being.
At the conference, Musk confirmed that his space exploration technology company SpaceX holds Bitcoin. Prior to this, SpaceX did not disclose its holdings of Bitcoin.
Musk also said that Starlink has been tried to run a full Bitcoin node, and it can also be used as a mining node for Ethereum or Dogecoin to play the role of a space heater.
Note: Starlink was initiated by SpaceX, which is owned by Musk, and plans to build a Starlink network consisting of approximately 12,000 satellites in space between 2019 and 2024 to provide Internet services to the world.
Anti-inflation Plan Hoping To See Bitcoin Succeed
Musk added that in addition to the Bitcoin owned by Tesla and SpaceX, he personally also holds a certain amount of Bitcoin, Ethereum, and Dogecoin. Musk said: “I may buy, but I will not sell. I hope to see Bitcoin succeed.”
Musk also said that it makes sense to support something that can improve the quality of our management economic information. Bitcoin is a product candidate. In addition, Musk called himself a fan of decentralized finance.
Cathie Wood pointed out that Bitcoin is the solution to inflation. Many emerging markets are suffering from severe inflation problems. They will switch to Bitcoin and other ways to maintain purchasing power.
Discuss The Bitcoin Energy Issue Again
Bitcoin has recently been under strict scrutiny due to energy issues-this is also a major factor in Tesla’s decision to stop accepting Bitcoin as payment for its vehicles earlier this year.
But at this meeting, Musk pointed out that Tesla is likely to continue to accept Bitcoin payments. Musk said that it seems that Bitcoin is turning more toward renewable energy, and there is a trend toward more than 50% renewable energy. In this case, Tesla will resume accepting Bitcoin. Musk also pointed out that Bitcoin mining cannot be stopped for 24 hours if only solar or wind energy can do this. But the combination of hydropower, nuclear energy, and tidal energy can solve this problem.
Cathie Wood also said that she truly believes that Bitcoin will definitely be more environmentally friendly than gold mining or the traditional financial services industry. And in many ways, it is already.
Jack Dorsey emphasized that Bitcoin mining can also bring innovation in energy use. At the same time, mining can use a lot of wasted energy, which is worth doing. Especially the large-scale utilization of electricity that would otherwise be wasted.
Should Twitter Let Advertisers Pay In Crypto?
Jack Dorsey thought Bitcoin is flexible. He also said that the main reason he likes cryptocurrency is that its community is “deeply principled.” The cryptocurrency with the largest market value has a “weird” community, but that’s why he likes it.
When discussing the disruptive potential of Bitcoin, Dorsey stated that this cryptocurrency can function as the native currency of the Internet, helping companies large and small to develop “in a faster way.” He took Twitter as an example to express his belief that if Bitcoin existed before Twitter, the social media giant “will definitely not rely on the advertising business model as we do.”
Musk asked Dorsey if he would accept Bitcoin as payment for advertising on Twitter. Dorsey avoided this question, Dorsey pointed out that we are more focused on how to create economic incentives in the Twitter network itself, rather than relying on advertising.
It is worth mentioning that after the three active discussions, the prices of Bitcoin, Ethereum, and Dogecoin have all increased.