{"id":18553,"date":"2021-07-25T06:14:36","date_gmt":"2021-07-25T04:14:36","guid":{"rendered":"https:\/\/www.fintechnews.org\/_\/?p=18553"},"modified":"2021-07-23T15:21:18","modified_gmt":"2021-07-23T13:21:18","slug":"elon-musk-discusses-merits-of-bitcoin-reveals-space-x-holds-btc","status":"publish","type":"post","link":"https:\/\/www.fintechnews.org\/_\/elon-musk-discusses-merits-of-bitcoin-reveals-space-x-holds-btc\/","title":{"rendered":"Elon Musk discusses merits of Bitcoin, reveals Space X holds BTC"},"content":{"rendered":"<header class=\"m-detail-header mm-detail-header--featured\">\n<div class=\"m-detail-header--container\">\n<div class=\"m-detail-header--content\">\n<div class=\"m-detail-header--meta\"><a class=\"m-detail-header--meta-author\" href=\"https:\/\/bitcoinmagazine.com\/authors\/peter-chawaga\" rel=\"author\">By PETER CHAWAGA<\/a><\/p>\n<dl><\/dl>\n<\/div>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"m-detail--contents l-content-well\">\n<section class=\"l-grid lm-grid--detail lm-grid--with-right-rail\">\n<div class=\"l-grid--content-body\">\n<section class=\"m-social mm-social--below-header\">\n<ul>\n<li class=\"m-social--linkedin\"><\/li>\n<\/ul>\n<\/section>\n<div class=\"m-detail--body\">\n<p>Billionaire Tesla CEO Elon Musk discussed Bitcoin during a live-streamed session of The \u20bf Word event, saying that he supports and holds the original cryptocurrency, as does his aerospace company SpaceX.<\/p>\n<p><strong>\u201c[Bitcoin] has an open ledger, which is quite good. But transaction volume is low, transaction cost is high and usability for the average person is not yet very good but has a lot of potential,\u201d Musk said, while wearing a t-shirt that touted Bitcoin as the pinnacle of monetary evolution. \u201cBut on balance I support Bitcoin\u2026 I do own bitcoin and Tesla owns bitcoin, SpaceX owns bitcoin.<\/strong><\/p>\n<p>Musk has made mixed public statements about Bitcoin in the past,\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/culture\/elon-musk-i-am-a-supporter-of-bitcoin\">calling himself a supporter<\/a>,\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/markets\/its-happening-tesla-buys-1-5-billion-of-bitcoin\">seeing Tesla purchase $1.5 billion worth of BTC<\/a>,\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-price-dips-on-elon-musk-tweet\">renouncing the ability for Tesla customers to make purchases in bitcoin over misguided environmental concerns<\/a>, then\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/business\/elon-musk-tesla-to-resume-bitcoin-payments\">walking those statements back somewhat<\/a>. He is an outspoken supporter of t<a href=\"https:\/\/bitcoinmagazine.com\/culture\/are-elon-musks-dogecoin-tweets-misdirections-or-just-bad-jokes\">he altcoin project Doge<\/a>.<\/p>\n<p><strong>During the panel, Musk continued to tout alternative cryptocurrency projects like Ethereum and Doge, but also acknowledged that Bitcoin\u2019s throughput and scalability could be improved via Layer 2 platforms like the Lightning Network. He noted that Tesla is likely to resume bitcoin payments as a higher proportion of miners utilize renewable energy sources.<\/strong><\/p>\n<p><strong>\u201cBitcoin with a Layer 2 system could scale to do a vast number of transactions,\u201d Musk said. \u201cI want to do a little more diligence to confirm that the percentage of renewable energy usage [in bitcoin mining] is most likely at or above 50% and that there is a trend toward increasing that number, and if so Tesla will resume accepting bitcoin\u2026 Most likely, Tesla would resume accepting bitcoin.\u201d<\/strong><\/p>\n<p><strong>He also noted that the only significant assets he personally owns consist of stock in his companies, bitcoin, ether and doge, with bitcoin being the largest and most profitable of his cryptocurrency holdings.<\/strong><\/p>\n<p>\u201cIf the price of bitcoin goes down, I lose money&#8230; I might pump, but I don\u2019t dump,\u201d Musk said. \u201cSpaceX, Tesla and I own bitcoin\u2026 The companies just own bitcoin and the bitcoin I own is worth much more than the Ethereum or Doge.\u201d<\/p>\n<p>Musk was joined in\u00a0<a href=\"https:\/\/www.thebword.org\/c\/track-2-Bitcoin-As-A-Tool-For-Economic-Empowerment\" target=\"_blank\" rel=\"noopener\">the session<\/a>, \u201cBitcoin As A Tool For Economic Empowerment,\u201d by Twitter and Square CEO Jack Dorsey, ARK Investment Management CEO Cathie Wood and Square Crypto Lead Steve Lee, who moderated it.<\/p>\n<p><strong>Dorsey, who has been\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/culture\/twitter-jack-dorsey-on-bitcoin-the-unbanked\">more consistently favorable<\/a> toward Bitcoin in his public statements and work, highlighted Bitcoin\u2019s transformative nature as a currency that is global, permissionless and native to the internet.<\/strong><\/p>\n<p>\u201cWhen I saw Bitcoin in 2009, you see a chance to replace the whole foundation,\u201d Dorsey explained. \u201cIt really just opens the aperture and that is what I want to see in my lifetime, is a currency that is standard and sound for the internet that everyone can use.\u201d<\/p>\n<p>Wood, whose firm has been\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/markets\/ark-invest-300000-grayscale-bitcoins-shares-buy\">stockpiling bitcoin exposure this month<\/a>, emphasized bitcoin\u2019s current value propositions from an investment standpoint and the remarkable economic outlook of its development community.<\/p>\n<p><strong>&#8220;The store of value is a very big role, and means of exchange with apps built on top of the Bitcoin blockchain, we think are going to become more of a reality,&#8221; Wood said, describing where her positive outlook on BTC as an investment comes from.\u00a0<\/strong><\/p>\n<p><strong>&#8220;I&#8217;ve had the honor of meeting Bitcoin Core developers,&#8221; she added later. &#8220;They know economic history better than anyone I&#8217;ve ever met.&#8221;<\/strong><\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By PETER CHAWAGA Billionaire Tesla CEO Elon Musk discussed Bitcoin during a live-streamed session of The \u20bf Word event, saying that he supports and holds the original cryptocurrency, as does his aerospace company SpaceX. \u201c[Bitcoin] has an open ledger, which is quite good. But transaction volume is low, transaction cost is high and usability for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[2,55,570],"tags":[],"class_list":["post-18553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","category-bitcoin","category-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.1 (Yoast SEO v26.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk discusses merits of Bitcoin, reveals Space X holds BTC - Fintech News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fintechnews.org\/_\/elon-musk-discusses-merits-of-bitcoin-reveals-space-x-holds-btc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk discusses merits of Bitcoin, reveals Space X holds BTC\" \/>\n<meta property=\"og:description\" content=\"By PETER CHAWAGA Billionaire Tesla CEO Elon Musk discussed Bitcoin during a live-streamed session of The \u20bf Word event, saying that he supports and holds the original cryptocurrency, as does his aerospace company SpaceX. \u201c[Bitcoin] has an open ledger, which is quite good. 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