In an exchange awaited with anticipation mixed with fear by the entire Bitcoin ecosystem, Elon Musk exchanged last night with Twitter boss Jack Dorsey, Steve Lee and Cathie Wood, head of the Ark investment fund.
The event, attended by up to 50,000 people simultaneously, was part of a series of talks called “The B World” and had as its theme of the day “bitcoin as a tool for economic empowerment”. The panel gave the interested parties the pretext of a platform where revelations followed one another. As soon as the live event is over, let’s take a look at some of the Tesla CEO’s shocking statements.
The B World, the World of Bitcoin
The event was broadcasted live on Youtube and gathered Jack Dorsey, founder of Twitter, Cathie Wood, CEO of Ark and Elon Musk, the fantastic multi-billionaire, under the moderation of Steve Lee (from Square, another company of Jack Dorsey, also specialized in Bitcoin).
Elon Musk, is as useless as he is difficult to present simply, so many companies he is responsible for, not to mention the special place he now occupies – for better or for worse – in the collective crypto-conscious.
And it is an understatement to say that the intervention of the “Doge-Father” on the occasion of this panel was expected, as much as feared.
Indeed, it should be remembered that Elon Musk has been able in recent months to embody both the most effective of muses for Bitcoin, as much as his most terrible Nemesis, alternately and with a disconcerting absence of transition (including for himself who regularly agrees that one should not be too careful about the “particular” way his brain works).
Thus, Elon Musk has been the architect of the most grandiose buildings in recent Bitcoin history (his announcement of Tesla acquiring $1. 5 billion in Bitcoin and then accepting it as a means of payment for the purchase of its electric vehicles is globally considered one of the main reasons for Bitcoin’s recent high of $52,000), as well as the most decaying (his reversal a few weeks later under the guise of Bitcoin suddenly being “too green” and his immoderate affection for certain puppy dog-headed shitcoins being identified as profoundly discrediting factors for a market as volatile and immature as cryptocurrencies).
In short, whether you worship him or hate him viscerally, Elon Musk, with his 60 million followers, is capable in 280 characters or with a well-felt punchline to make the whole crypto market rock harder than a Falcon rocket at takeoff.
Everyone was waiting for the little phrase, or the symbolic object that could give direction to a crypto market that has been running out of steam lately.
And in less than an hour, the whimsical businessman has shown a rare generosity, multiplying the announcements and revelations! We make the tour in 6 major topics.
Elon Musk’s revelations about Bitcoin
While Elon Musk has made unpredictability a form of trademark, even regularly managing to act seemingly against his own interests or those of his many companies, his entire discourse regarding Bitcoin has been particularly positive and bullish.
Is Elon Musk manipulating the price of Bitcoin?
Elon Musk began by returning to the market fluctuations he tends to cause and reminded us of a simple rule in this matter:
“I can make (Bitcoin) go up, but I don’t dump it. “
We suspected it, even if it seems to be common sense, but Musk reminds us that as a holder of large allocations of Bitcoins himself, there is no advantage for him to make the price fall if he can avoid it. A form of response to those who wondered about his about-face regarding the acceptance of Bitcoin as a means of payment for Tesla, which had left stunned observers (and washed the market).
Elon Musk is interested in a heating system that would mine Bitcoin
Elon Musk confirms that he has asked his team to potentially create a space heater that would also mine Bitcoin or cryptocurrencies. He explains that this would be “better than running a space heater lol.”
Note that this idea is not new, and has even already gone from concept to finished product thanks to Wise Mining and its Sato boiler, which we talked about on the Coin Journal not long ago.
Elon Musk wants to install a Bitcoin node in his Starlink satellites
“One idea, would be to put a bitcoin node in SpaceX’s Starlink terminals, so that more people would use bitcoin. In fact… I submitted this idea to the team.”
It will be recalled that Starlink is a global satellite network deployed by Space X launchers, with the purpose of distributing Internet access around the globe. It is planned that by 2025, 12,000 Starlink satellite units will be positioned in low orbit around the planet (2000 currently).
Elon Musk thus indicates that, in addition to Internet coverage, his satellite network could host and distribute the Bitcoin blockchain everywhere, including in the most remote places.
Blockstream is also active in this field, and will use the current acceptance of Bitcoin as a legal tender in El Salvador to deploy its services, which would bring even more resilience and power to the Bitcoin network.
Elon Musk acknowledges that Bitcoin mining is increasingly green
This is the big topic of the moment: the supposedly unreasonable carbon footprint of Bitcoin mining; and while the debate is not new (and was anticipated by Satoshi Nakamoto himself), this is the topic that is occupying the entire industry and conditioning the current big moves, from China’s ban on mining, to the rise of the United States, to the emergence of a National Bitcoin Miners Council, which is very pro-active on the subject.
We recall that Elon Musk has conditioned the return of Tesla to bitcoin payments to the guarantee of a mining on renewable energy reaching at least 50% of production.
A subject on which Musk now seems optimistic, although he wants to do some more research:
“It seems that Bitcoin is moving strongly towards using renewable energy. I want to do a little more diligence to confirm that the percentage of renewable energy use is most likely at or above 50 percent and that there is a trend toward increasing that number…”
Tesla and Bitcoin payments back on the agenda
If the previous condition is met, the Tesla boss says he is ready to keep his promise to bring his electric vehicle production company back into the Bitcoin payment ecosystem. Elon Musk confirms that Tesla would be ready to resume payments in Bitcoins.
Space X owns Bitcoin
This is a revelation with a definite impact. While it was known that Elon Musk owned Bitcoin personally (in addition to “a little bit of Ethereum and Dogecoin,” he explained during the live event), it was common knowledge for Tesla, but never before had it been publicly admitted that the space company Space X owned Bitcoin.
“I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin
As we can see, Elon Musk’s appearance on B World was rich in revelations and largely clarifies the billionaire’s plans for Bitcoin. As for his fundamental opinion on the queen of crypto currencies, Musk sums it up simply, far from the pure business logic that one could lend him: “My hope for Bitcoin is that it will allow a better standard of living and more power for the individual. The years to come will allow us to judge the sincerity of this credo.
