Mr. Musk and Mr. Dorsey on stage
The Crypto Council for Innovation (CGI), a crypto asset (virtual currency) lobby group, will hold an event “The ₿ Word” on the 21st of the US time with the aim of disseminating accurate information on Bitcoin (BTC). Tesla CEO Elon Musk and Square CEO Jack Dorsey exchanged views on Bitcoin.
In the section entitled “Bitcoin as a Tool for Economic Empowerment,” Mr. Musk and Mr. Dorsey, as well as Mr. Kathy Wood of ARK Invest, a major US investment company, also took the stage. He talked about the current situation and challenges of Bitcoin, and its fundamental appeal.
At the beginning of his career, Musk said, “I’ve been thinking about money since I was a major remittance company, PayPal.” While issues such as remittance speed and remittance cost remain strong in the existing financial system,Bitcoin is a new money candidateSaid that.
Environmental concerns such as mining remain, and although the transaction volume is small and transaction costs are high recently, the potential is high and he said that he “supports crypto.”Tesla, SpaceX, and Musk himself owns BitcoinI revealed that.
It was a well-known fact that Tesla, a listed company, owns BTC, but this is the first time SpaceX has revealed that it owns Bitcoin. SpaceX also suggested that it was considering entering the crypto territory, but did not provide specific details.
However, when talking about the second layer of Bitcoin, such as Lightning Network, SpaceX also left a meaningful statement that it “plays a role in this aspect.”
In addition, Mr. Musk himselfOwns Ethereum (ETH) and Dogecoin (DOGE)Commented, saying as follows.
You may pump, but you don’t dump (sell). Other than Tesla and SpaceX shares, it owns Bitcoin, Ethereum and Dogecoin.
I’m not thinking of selling after raising the Bitcoin price. I want Bitcoin to succeed.
He also explained that among the cryptocurrency stocks that Mr. Musk himself holds, the amount of Bitcoin held is the largest.
About the use of renewable energy
The three also mentioned the use of renewable energy, which has less environmental impact in Bitcoin mining. Mr. Musk once again said that Tesla will resume accepting BTC payments when the utilization rate of clean energy in the Bitcoin network exceeds 50%.
A report released in July by the Bitcoin Mining Council (BMC), an industry group, found that 56% of BTC networks are using clean energy.
Mr. Musk praised the tendency of Bitcoin mining to shift to renewable energy, while showing a cautious stance that the hash rate has fallen due to the decline in the BTC market.
Relation:56% of Bitcoin networks use renewable energy = BTC mining council
It will continue due diligence in the future, and if such movements continue, Tesla’s acceptance of BTC payments will be resumed.
On May 13, Tesla announced that it would stop Bitcoin payments when purchasing Tesla cars, worried about the increasing use of coal in mining.
Relation:Tesla’s Bitcoin settlement canceled, BTC price plummeted
Meanwhile, Wood said Bitcoin is already more environmentally friendly than the existing financial industry. In the long run, the potential was highly evaluated as an incentive for the use of renewable energy.
The future of Bitcoin
Regarding future expectations for Bitcoin, Mr. Musk said that the prosperity of Bitcoin and other virtual currencies should improve the future. Dorsey said he would like to promote the decentralization of Bitcoin.
At the end of the talk, Mr. Musk asked if cryptocurrencies could be used in the Twitter app. “We should be able to handle any payment method, but we want to have a built-in revenue model that doesn’t rely on advertising,” Dorsey said.
In addition, Mr. Wood evaluated the future potential that Bitcoin’s success has contributed to the world from an ESG perspective. The community of BTC core developers should also support it.
What is “The ₿ Word”?
According to the official website, in addition to the conference held before dawn on the 22nd of Japan time, The ₿ Word is an initiative aimed at breaking down superstitions related to Bitcoin. By eliminating the prejudice about cryptocurrencies that is generally recognized, we aim to accept Bitcoin by companies and to support and raise awareness in the field of BTC network issues.
Participating companies include the Crypto Council for Innovation (CGI), an industry lobby organization, Square, and ARK Invest and Paradigm, which also invest in cryptocurrencies. In addition to Square, CGI also includes major financial companies Fidelity and Coinbase.
Recorded information content is also shared before the live content of Mr. Musk and others is broadcast. Experts correctly explain false information and prejudices on the following subjects.
- Bitcoin energy consumption
- Crime use of Bitcoin
- Scalability issues
- Concentration of BTC holdings
- Bitcoin loss risk
In the second part, “Bitcoin supports criminal activity,” an economist from data analysis company Chainalysis took the stage.
Negative images such as the Silk Road still tend to precede ₿…
However, the criminal use of Bitcoin transaction volume in 2020 is 2%. Most explained that it was a self-managed wallet or a transaction between exchanges.
— Cryptocurrency (CoinPost Editor) (@crypto_afuro) July 21, 2021