The eccentric billionaire reasserted the case for crypto and bitcoin in a discussion panel for “The ₿ Word” virtual event.
Popular Panel Discusses Crypto
Elon Musk has declared that both Tesla and SpaceX are holding bitcoin. At the recent ‘The ₿ Word’ virtual event broadcast on YouTube, the popular billionaire also elaborated on a number of other crypto related topics. The discussion panel, moderated by experience Silicon Valley investor Steve Lee, featured Musk alongside Twitter CEO Jack Dorsey, and Cathie Wood, the CEO of Ark Investment.
Musk declared that he has personal holdings of BTC, ETH, and the DOGE memecoin, which has become synonymous with the irreverence of his personal brand. The billionaire also clarified that he still has some concerns about Proof of Work (PoW) cryptocurrencies and their potential negative impact on the environment but remained optimistic about the technology.
“In general, I am a supporter of bitcoin and the idea of cryptocurrency,” Musk shared of his thoughts on the grandaddy cryptocurrency. “It looks like Bitcoin is shifting more to renewables. Most of the unequivocal heavy-duty coal plants in China have been shut down. But I’d like to do a little more diligence to confirm that the percentage of renewable energy usage is at or above 50%.”
In this manner, he sees advantages to bitcoin over the traditional financial system. Musk revealed that Tesla plans to start accepting bitcoin again in the future when renewable energy sources reach 50%.
A Joke No More
The appearance of Musk at ‘The ₿ Word’ event followed an earlier conversation with Dorsey on Twitter. The social media CEO had tweeted in support of the event in June, to which Musk suggested the ‘B’ may stand for ‘bicurious?’
For his part, Dorsey branded the comment ‘bizarre’ but took the opportunity to invite Musk to participate. The suggestion was greeted with a great deal of community buzz and excitement, although his participation was by no means guaranteed.
Several early reports demonstrated some confusion on whether Musk would follow through and appear at the event or not. Musk’s skepticism only served to heighten anticipation levels as audiences wondered whether the event would proceed.
In the end, the Tesla and SpaceX CEO was confirmed, with over 500,000 people now having watched the event on YouTube.
A Complex Picture
In making a case for bitcoin, Musk cited a number of pros for the cryptocurrency, including transparency and decentralization, while also tempering cons he perceives like transaction fees and energy consumption/environmental.
He also posited that bitcoin was superior to banking infrastructures and mainframes around the world.
Musk is a complex character, but his appearance at ‘The ₿ Word’ clarified some of the billionaire’s thought processes. As the creator of PayPal, Musk views money as an ‘information system’ for labor exchange.
Source : bsc.news
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