The price of Ethereum and Bitcoin surged recently when Elon Musk, the CEO of Tesla and SpaceX, announced he owns the cryptocurrency at the Crypto Council for Innovation’s event The B Word conference.
The B Word conference aims to reform the popular narrative surrounding bitcoin, as well as encourage its institutional acceptance and use. Musk was on a panel with Jack Dorsey, the CEO of Square and Twitter, as well as Cathie Wood, the founder, and CEO of Ark Invest, who addressed questions from the moderator and Square Crypto head Steve Lee.
Musk stated that the only publicly listed stock he owns at the moment is Tesla’s and personally owns Bitcoin, Dogecoin, and Ethereum. Musk did, however, clarify that both Tesla and SpaceX now possess bitcoin and no other cryptocurrency. He also said he has been holding his bitcoin long-term.
If the price of bitcoin goes down I lose money. I might pump but I don’t dump, I do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed
When asked what the energy-intensive bitcoin sector can do to accelerate the shift to renewable energy and could Tesla Energy play a role?
Tesla, according to Musk, can play a role. He indicates that Tesla’s entire goal for existence was to transform the world to clean energy and that his electric vehicle and solar businesses might assist bitcoin miners in making the switch to green energy, but is currently limited by a tight supply of battery cells. Energy storage technologies, along with solar and wind, aren’t the only options to migrate bitcoin to greener energy according to Musk. He advocated using existing hydroelectric, geothermal, and nuclear energy to mitigate bitcoin mining’s environmental effect.
It was not expected to Bitcoin fans that Elon Musk is still supporting Bitcoin as a few days back Musk has updated his Twitter profile picture to a photo of him with DOGE reflections in his sunglasses. Musk’s new look immediately piqued the market’s interest, with DOGE surging over 20% after he updated his photo.
Tesla even banned accepting Bitcoin for its vehicle payment saying the token’s insane energy use was damaging to the climate. Musk’s declaration stunned crypto fans and started a more extensive sell-off in cryptocurrencies, including Ether, XRP.
ARK Invest’s Cathie Wood praised Bitcoin developers as having a better grasp on monetary history than anyone she’s ever met and Jack Dorsey stated that his hope is that Bitcoin creates world peace.
Tyler Winklevoss, founder of Winklevoss Capital Management and Gemini cryptocurrency exchange, tweeted in support of Elon Musk, saying
Sounds like Elon will likely go back to selling Teslas for #Bitcoin I’d take that trade. Bullish.
Ben Caselin HODL, Research & Strategy at AAX and bitcoin supported tweeted,
As we tune in again to @elonmusk – thought it would be a good time to get focused again & to remind ourselves: The fundamentals of #bitcoin speak for themselves. Everything else is some approximation of its truth but always just one of many viewpoints
Isabelle Boemeke, the founder of isodope, tweeted in support of nuclear saying that
The reason why I’ve always seen nuclear as the perfect energy source for bitcoin mining is that nuclear plants run 24/7 and can be built pretty much anywhere!
After all of this, Bitcoin appears to be on the rise! Rothschild Investment Corp, a Chicago-based financial firm, also announced on Saturday that it owns 141,405 shares of the Grayscale Bitcoin Trust. Elon Musk, on the other hand, appears to be returning to his role as the most vocal supporter of Bitcoin, and even donned a t-shirt with “Bitcoin evolution” on it.
New to Crypto? Enroll in Cryptocurrency Course at Todayq Education