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Billionaire Tesla CEO Elon Musk discussed Bitcoin during a live session at The ₿ Word event, saying he supported and owned the original cryptocurrency, as did his aerospace company SpaceX.
“[Bitcoin] has a large open book, which is good enough. But the transaction volume is low, the transaction cost is high, and the usability for the average person is still not very good but has a lot of potential, ”Musk said, while wearing a t-shirt that featured Bitcoin as the pinnacle of monetary development. “But overall I support Bitcoin… I own bitcoin and Tesla owns bitcoin, SpaceX owns bitcoin.
Musk has made mixed public statements about Bitcoin in the past, calling himself a supporter, seeing Tesla buying $ 1.5 billion worth of BTC, forgoing the ability for Tesla customers to make bitcoin purchases for erroneous environmental reasons, and then backing off those statements a bit. He is a strong supporter of the Doge altcoin project.
During the panel, Musk continued to tout alternative cryptocurrency projects like Ethereum and Doge, but also acknowledged that Bitcoin’s throughput and scalability could be improved through Layer 2 platforms like the Lightning Network. . He noted that Tesla is likely to resume bitcoin payments as a higher proportion of miners use renewable energy sources.
“Bitcoin with a Layer 2 system could evolve to perform a large number of transactions,” Musk said. “I want to do a little more diligence to confirm that the percentage of use of renewable energy [in bitcoin mining] is most likely equal to or greater than 50% and that there is a tendency for that number to increase, and if so, Tesla will resume accepting bitcoin… Most likely, Tesla would resume accepting bitcoin.
He also noted that the only significant assets he personally owns are stocks of his companies, bitcoin, ether and doge, with bitcoin being the largest and most profitable of his cryptocurrency holdings. .
“If the price of bitcoin goes down, I lose money… I could pump, but I’m not emptying,” Musk said. “SpaceX, Tesla and I own bitcoin… Companies only own bitcoin and the bitcoin I own is worth a lot more than Ethereum or Doge.”
Musk was joined in the “Bitcoin as a Tool for Economic Empowerment” session, by Jack Dorsey, CEO of Twitter and Square, Cathie Wood, CEO of ARK Investment Management and Steve Lee, Head of Square Crypto, who moderated her .
Dorsey, who has always been more pro-Bitcoin-friendly in her public statements and work, pointed to the transformative nature of Bitcoin as a global currency, unlicensed and native to the Internet.
“When I saw Bitcoin in 2009, you see a chance to replace the whole foundation,” Dorsey explained. “It really opens the door and that’s what I want to see in my life, it’s a standard, healthy internet currency that anyone can use.”
Wood, whose company has racked up bitcoin exposure this month, highlighted bitcoin’s current value propositions from an investment perspective and the remarkable economic outlook for its development community.
“The store of value is a very big role, and we believe that the medium of exchange with applications built on the Bitcoin blockchain is going to become a reality,” said Wood, describing where his positive view of BTC as an investment just.
“I had the honor of meeting Bitcoin Core developers,” she added later. “They know economic history better than anyone I have ever met.”
Interest in the panel was sparked when Musk agreed to participate with Dorsey via a Twitter thread in June. Musk’s presence was confirmed by The ₿ Word on July 19.
The ₿ Word was hosted by the Crypto Council For Innovation, a group formed to lobby lawmakers and gain more support for cryptocurrency businesses. It was founded by Square, Fidelity, Coinbase, and Paradigm in April.
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