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Elon Musk sends Bitcoin (BTC) into orbit!

Sat 24 Jul 2021 ▪ 16h03 ▪ 5 min read — by Vincent Icardo

On Wednesday, 21st July the B-Word conference took place. A meeting between a plethora of great minds in the industry aiming to present Bitcoin as an inevitable new economic tool. The panel dubbed “Bitcoin as a tool for economic empowerment” was the most eagerly awaited of all, marking the meeting between two giants of the crypto sphere: Elon Musk, who needs no introduction, and Jack Dorsey, the head of Twitter. This exchange, full of surprises, gave rise to several shocking announcements and confessions that will certainly please the community and herald a bright future for the industry!

Elon Musk, B-World

SpaceX also holds Bitcoin!

While it was already known that Tesla, like its CEO, held Bitcoin, it’s apparently not the only Musk’s company to bet on virtual currency.

The panel was a great opportunity to unveil important information: SpaceX, his aerospace company, has joined the family of companies owning Bitcoin! “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin,” Elon Musk said. The announcement gave the market a boost, although the momentum has been fizzling out since.

BTC is becoming (almost) green enough for Elon Musk!

Acting on the basis of his assumption that cryptocurrency is bad for the environment, Elon Musk shocked the industry earlier this year by abandoning Bitcoin payments until the environmental impact issue is resolved.

His criticism focused on the “heavy environmental damage” caused by Bitcoin mining. The industry is still struggling to shake off this controversy, which is the root of all the problems the cryptocurrency market has been going through lately.

Visibly worried about the role Tesla played in this, Elon Musk made it clear that he didn’t want to be responsible for the ecological disaster caused by the announcement of his company, expressing concern over the “rapidly increasing use of fossil fuels for Bitcoin mining.”

But, great news, Musk seems to have changed his mind, thankfully! Today, the eccentric billionaire offers us a completely different story about Bitcoin and its impact on the environment, a turnaround that may reassure many!

According to him, Bitcoin is on its way to becoming an eco-friendly cryptocurrency, and he is very enthusiastic about its future.

“It looks like Bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used… have been shut down, especially in China… I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin,” Elon Musk said.

Tesla’s CEO wants Bitcoin to succeed and still hasn’t sold anything

And yes, he did say it. This is something we should doubt after his various statements and his way of playing with the virtual currency and the community around it.

He has tried everything, from testing its resilience with troll tweets, to criticising Bitcoin’s energy consumption by pretending he has just found out how it works, to even promoting Dogecoin at the expense of BTC.

After all these escapades, it was fair to wonder if he really cared about the interests of Bitcoin. A question he clarified by stating: “I might pump, but I don’t dump… I definitely do not believe in getting the price high and selling… I would like to see Bitcoin succeed,” which means he still firmly holds his own BTC and not selling it anytime soon.

As he admits, virtual currency remains something he really wants democratised to improve the quality of life and bring economic empowerment to the people.

“My hope for crypto in general is that it can improve the efficiency of the information system that we call money,” Musk said. “This will naturally lead to a better standard of living and more power to the individual.”

So, no, Elon Musk doesn’t want Bitcoin dead and yes, he can obviously change his mind very quickly when it comes to digital currency! After playing his part in the market fall in recent months, will Tesla’s CEO become its benefactor in light of these revelations?

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Vincent Icardo avatar
Vincent Icardo

Fervent adepte de la cryptosphère depuis 2017, je suis pleinement impliqué dans la révolution moderne que représente cette nouvelle industrie. En tant que Rédacteur, je me plais à y jouer un rôle différent, éducationnel et informatif, en vue de la démocratisation et vulgarisation de cet univers.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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