During yesterday’s Bitcoin discussion between Elon Musk, Jack Dorsey and Cathie Wood, the Tesla boss dropped several bombs.
After the price drop on Tuesday and the race to catch up on Wednesday, Bitcoin is now holding steadily at the $ 32,000 mark. This means that the digital store of value is around 4.3 percent up on the day. At press time, BTC is trading at $ 32,016.
Many suspect the basis for the upswing of the crypto currency in the results that yesterday in the course of the “The B Word ”Panels were uncovered. In a video conference, the self-proclaimed “dogefather” Elon Musk, Twitter founder Jack Dorsey and Ark Invest CEO Cathie Wood discussed the potential and risks of Bitcoin. Above all, Musk dropped several bombs that had at least a short-term impact on the prices of various cryptocurrencies. Right at the beginning, the Tesla CEO surprised everyone with the statement that not only the e-car manufacturer owns Bitcoin, but SpaceX as well. Since the space company is private, this information was not previously known. It also remains unclear how high SpaceX’s crypto holdings actually are.
In the conversation, Musk also revealed his private crypto investments. The selection of his assets, Tesla shares left out, is limited to Bitcoin, Ether and Dogecoin. Due to the PR campaigns that the multi-entrepreneur organized for Memecoin in recent months, some suspected within the crypto space that Musk himself could be one of those 20 wallet owners who hold over 50 percent of all DOGE. However, the Tesla CEO denied this. “I have significantly more Bitcoin than Dogecoin or Ether,” said the 50-year-old.
“Tesla will likely accept Bitcoin again”
In mid-May, Tesla sent shock waves through the crypto space when the e-car manufacturer announced that it would suspend Bitcoin as a means of payment due to its “climate-damaging effects”. This was followed by a debate about the consensus mechanism proof-of-work, mining and musk were accused of double standards. But now the U-turn. In an interview, the third richest person in the world revealed that the vehicle manufacturer will “probably” accept Bitcoin again. Because China is currently rigorously closing mining farms, especially those that rely on coal-fired power, the cryptocurrency is moving in a more energy-efficient direction.
I believe that renewable energies will actually be the cheapest form of energy in the long term, but that doesn’t happen overnight. But as long as there is a long-term trend towards the use of renewable energy by the community, Tesla can support that.
Elon Musk on “The B Word”
However, the trend towards more climate-friendly Bitcoin mining existed before, like that Cambridge Bitcoin Electricity Consumption Index occupied. Still, Musk insisted on patting himself on the back for his dedication. He believes that Tesla, due to its connections in the renewable energy sector, could play a major role in the energy transformation of mining. He also spoke out in favor of using nuclear power. This is safe and climate-friendly. The Tesla CEO does not seem to have given any thought to the problem of final disposal.
The crypto market is more resilient to Musk’s statements
Elon Musk’s statements have often caused market reactions in the crypto space in the past. However, the multi-billionaire’s influence seems to be steadily waning. Because since the statements about Bitcoin mining and the flash crash in mid-May, some within the crypto community have harbored a grudge against the Tesla CEO. And so the market reacted positively to the multi-entrepreneur’s comments this time, but not nearly as violently as in the past few days.
The rally for Bitcoin began yesterday in the run-up to the online panel. In the afternoon, the crypto currency was already quoted at 32,000 US dollars. Ethereum and Dogecoin were also able to take their old positions again before the talk started. After Musk had given his statements for the best, the prices of the three assets briefly swung north, but quickly flattened again and have since then been trending sideways again. The fact that even Musk’s favorite playground Dogecoin hardly reacted to his statements shows that even the Memecoin community could have had enough of its antics. In general, the crypto space appears more mature in this regard. It remains to be seen whether this sobriety can be maintained in the next bull run.