Following a Twitter conversation last month, Twitter and Square founder Jack Dorsey and Tesla and SpaceX founder Elon Musk debated the benefits of Bitcoin at The B Word conference. During his discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood, Elon Musk stated that both Tesla and SpaceX hold Bitcoin.
Despite his criticism of proof of work principles, Musk indicated in his opening remarks at The B Word panel that he is ultimately a fan of Bitcoin and cryptocurrencies. He claimed his sole wholly owned stock is Tesla, but that bitcoin, ether, and dogecoin are the only “three major assets” he has outside of business shares, and that he owns “far more bitcoin than ether or doge.”
He acknowledged that, in addition to his own holdings, SpaceX holds bitcoin. Musk made news earlier this year when he added $1.5 billion in Bitcoin to the financial sheet of Tesla, an electric vehicle company. Because SpaceX is private, it was totally unheard that the space exploration technology company also had a percentage of its investments in the crypto.
Musk did not say how much money SpaceX has. According to Musk’s statements, the company may venture deeper into crypto.
“Bitcoin by itself cannot be the world’s monetary system at the base layer,” Musk added, “but it is feasible at the second layer depending on how it is implemented.”
He stated that SpaceX is “playing a part in this” vision for Bitcoin’s future, but did not elaborate on how the company is advancing that objective.
Energy renewables and Tesla Accepting Bitcoin again
Tesla will resume accepting bitcoin if renewable energy sources hit 50%, according to Musk. According to Musk, Tesla, which has extensive ties in the renewables business in addition to its own solar solutions, may help solve this problem.
“Energy generation doesn’t have to be as clean as driven snow,” he added, “but it can’t be the dirtiest coal in the world…for Tesla to support it.”
Musk also stated that he is “supporting nuclear” and that, contrary popular belief, nuclear power plants are safe, but he emphasized that he is referring to “fission, not fusion.”
“At Tesla, we genuinely want to be the good guys…not that’s to say we don’t make errors, but we’re trying,” he added.
Final Words
Despite his previous passionate views on cryptocurrencies, Musk is a sceptic in comparison to Dorsey. He was formerly a supporter of Bitcoin, but has subsequently become concerned about the environmental consequences. Musk unexpectedly altered direction after adding “Bitcoin” to his Twitter bio, placing $1.5 billion in BTC on Tesla’s financial sheet, and allowing payments for electric cars in the cryptocurrency.
He raised worry about the bitcoin mining community’s usage of power. Tesla stopped accepting bitcoin payments, but Musk then held a Twitter vote to see if the company could instead accept Dogecoin.
In his Twitter profile, he now promotes the meme-themed token. Nonetheless, he stated that he was still interested in finding alternatives, and that he spoke with MicroStrategy’s Michael Saylor, who later established the Bitcoin Mining Council (BMC) to confront negative media portrayals about mining.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.