After Elon Musk first disclosed that his private rocket company, SpaceX, holds Bitcoin and that Tesla “very likely” resumes accepting it as payment for its electric cars, the popular cryptocurrency edged higher on Wednesday.
Musk outlined his cryptocurrency in a panel discussion with the CEO of Twitter and payment group Square and Jack Dorsey, CEO of Ark Invest Cathie Wood at the online conference “The B Word” hosted by the Crypto Innovation Council investment.
Musk stated that he personally owns Bitcoin, Ethereum and the more niche Dogecoin, and his two companies, SpaceX and Tesla, are Bitcoin holders-and will remain in this state .
“We don’t sell any bitcoins, nor do I personally sell anything,” he said. “I want to see Bitcoin succeed.”
Musk responded with a bold statement on Twitter accusing him of encouraging and profiting from crazy cryptocurrency price fluctuations. He has more than 58 million followers. He reiterated his commitment to digital tokens: “If the price of Bitcoin falls , I will lose money. I may draw water, but I will not dump,” he said.
Bitcoin rose more than 5% to $31,600, while Ethereum rose more than 7% to $1,900.
In Wednesday’s discussion, Musk, Dorsey, and Woods also talked about the challenges involved in expanding Bitcoin and its environmental impact.
From December to the beginning of this year, Bitcoin and other digital currencies have seen dazzling gains, but as regulators hover in the free market, most of these gains have recently been wiped out.
In February, Musk revealed that Tesla had $1.5 billion invested Converted its reserves into cryptocurrency and stated that the company plans to accept cryptocurrency payments for its electric cars.However, he Inverted process A few months later, in May, the environmental concerns about the mechanism used to verify Bitcoin transactions (called Bitcoin mining) were cited.
Bitcoin critics criticize the use of fossil fuels as a source of power for energy-consuming currencies. But Musk on Wednesday suggested more use of hydropower, geothermal or nuclear energy in the future, and even suggested that one day a futuristic “space heater” might be used to mine cryptocurrency.
“It looks like Bitcoin is shifting more to renewable energy, and it seems that many heavy coal-fired power plants in use have been closed, especially in China,” Musk said, adding that he intends to confirm at least 50% The energy use of Bitcoin mining is renewable.
“This number has an increasing trend. If so, Tesla will resume accepting Bitcoin,” he said.
Wearing a tie-dye T-shirt and a long beard, Dorsey said that his hope for Bitcoin is “it can create world peace.”Last week, he Announce Square is launching a platform for developers to create a Bitcoin-based “decentralized finance” project, which is a complex financial product denominated in cryptocurrency, without the need for traditional middlemen.
At the same time, Woods urged companies to add Bitcoin to their balance sheets, believing that this will act as a “hedging against inflation.”