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Zack Guzman of Yahoo Finance reports details of Elon Musk, Jack Dorsey and Cathie Wood appearing at “The B Word” conference.
Video transcript
KRISTIN MYERS: Well, Bitcoin has slipped lately as we see crackdowns on cryptocurrency. But Bitcoin might have knights in shining armor to save the day in the form of Elon Musk, Jack Dorsey and Cathie Wood. Zack Guzman is here to tell us more about their appearance at the B Word conference today. And just a note, it’s B for Bitcoin, just to make sure everyone knows that. Zack, tell us a bit more about their conversation at this conference.
ZACK GUZMAN: Well Kristin, this one launched around 2:00 p.m. EST. And soon after, we saw Bitcoin hit a new high for the day, breaking through that $ 32,500 level. And it was interesting to watch it all unfold, still going on here, because you have ARK Invest Cathie Wood, alongside Jack Dorsey and Elon Musk, a lot of people are listening intently to what Elon Musk had to say regarding its holdings there, pointing out that SpaceX, as well as Tesla, own Bitcoin.
Of course, we knew Tesla disclosed this earlier this year, but also his own personal holdings, noting that his holdings in Bitcoin far exceeded what he had in Ethereum, as well as Dogecoin. A joke from Elon Musk, however, when he opened up about his holdings, noting that neither Tesla nor SpaceX have sold nor he loses money when these things go down. And he admitted his own influence on the crypto, saying he could pump, but he’s not draining. And that made the conference laugh there.
But also a lot of questions about when Tesla, the company, might start accepting Bitcoin for transactions again. Of course, he criticized how some miners on the grid didn’t use renewables like solar wind or hydropower and really focused on China. Of course, we’ve seen this crackdown now kick some of those miners off the grid who were using coal to power their rig. So interesting so far here, because the panel is still ongoing.
ALEXIS CHRISTOFOROUS: Yeah, some fascinating stuff over there, Zack. I know I was watching SNL – not sure if you did – in early May when Elon Musk was the host. And we were all curious to see what he was going to say about crypto, especially Dogecoin. He mentioned it once. I think it was during the news update on SNL. But since then I mean Dogecoin is down around 80%. Did he speak specifically of Doge again today? And also, I’m curious if there is some sort of timeline as to when Tesla will accept Bitcoin as a payment method again.
ZACK GUZMAN: He certainly spoke a little bit about Doge, Alexis. And we talk so much about the kind of his reasoning. And it baffles a lot of people in the crypto community why he’s so excited about it. As he explained, there’s kind of a theory around focusing on, you know, the most entertaining plays will win out in an area. And for him, he compares – or he combines not only the most entertaining, but also the most ironic, noting that Dogecoin was created as a joke to poke fun at the rest of the crypto space.
And he says that’s part of why he’s so bullish on Dogecoin and how ironic it would be if this was the one to knock Bitcoin out of its way there, especially in the transaction space. . So always put your eggs in that basket, maybe behind the humor of it all. And he appreciated that, but also, as we talk about Tesla’s timeline for accepting this, he’s been quite vocal about defining the parameters he wants to see, which include more than half of the Bitcoin network using sustainable energy and this is not necessarily the threshold it must reach, but at least is approaching it, as well as a trend towards more renewable energies.
And Cathie Wood and Jack Dorsey were quick to point out that this has been the case lately. Elon Musk admits that these coal-fired miners in China have been suppressed. And we’ve seen it come out of the network. So he admitted that it looks like Tesla will start accepting Bitcoin again in the near future. He didn’t exactly give a date in his mind, saying he wanted to do a little more due diligence there. But overall, you’re watching the moves today, and investors are clearly applauding some of the takeaways so far and the tone coming from Elon Musk there, potentially returning seeing the net positives here. for Bitcoin.
One of the key things the three panelists talked about is the net positive that when it comes to Bitcoin, the support for people all over the world, maybe less here in the United States, but looking to other countries facing hyperinflation as well as perhaps authoritarian regimes, they are looking to Bitcoin as a freer kind of currency, and investors may be applauding some of the progress made in convincing Elon Musk to see the light there- low.
KRISTIN MYERS: Okay, Zack Guzman is breaking down the updates from Conference B. Thank you very much, Zack.
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