Elon Musk is a name we’ve all heard of. But he’s not your typical Twitter troll who pretends to be the cryptocurrency’s central banker. Instead, the founder of SpaceX recently discussed cryptocurrency and its future. He met with ARK Invest, a tech investment firm, recently and was asked about cryptocurrency. “Crypto, really?” Musk answered, expanding on his thoughts on cryptocurrency.
Jack Dorsey, the creator of Square and former CEO of Twitter, is a supporter of bitcoin and has invested in it personally. He believes bitcoin will become the world’s sole currency, according to him. Square has previously invested $50 million in bitcoin and has just announced plans to develop a hardware wallet.
Elon Musk and Jack Dorsey have both expressed support for bitcoin and its future. Despite the fact that Musk is a big proponent of bitcoin, we’ve chastised Dorsey for being too liberal on the subject. Musk has been outspoken in his criticism of bitcoin’s lack of regulatory control, making a number of contentious statements in the process. For example, he has stated that if Tesla’s bitcoin is converted into a cryptocurrency, he will not sell it. Bitcoin has also been a source of criticism for Dorsey. Bitcoin, he says, will end violent monopolies and become the world’s single currency. However, nasty remarks concerning Bitcoin have swamped Dorsey’s Twitter account.
While Elon Musk believes in a single global cryptocurrency, Jack Dorsey is more cautious, stating that there is a big risk of bitcoin overtaking fiat currencies. Indeed, as Yanis Varoufakis and others have pointed out, bitcoin has the potential to completely replace fiat currencies. The bitcoin community would have no incentive to extend their money supply if they didn’t have access to fiat currencies. As a result, it would favor IT monopolies, investment bankers, and energy oligarchs, rather than average users of the currency.
Which is more likely to change public opinion in the opposite direction if public opinion is the key to any new business’s success? Although both Elon Musk and Jack Dorsey are pro-Bitcoin, their public image has been harmed. Musk’s Twitter posts were widely denounced, while Dorsey’s views on bitcoin sparked a fierce backlash on Twitter.
While both Jack Dorsey and Elon Musk, the CEO of Tesla, are strong proponents of Bitcoin, they have expressed reservations about its usage in mining. Bitcoin mining necessitates the use of powerful computers to solve complicated mathematical riddles, which consumes a lot of energy. Musk’s company stated it will accept bitcoin in February 2021, but then pulled the arrangement and stopped taking it.
Tesla CEO Elon Musk, whose net worth is estimated to be $246.6 billion, recently acknowledged to owning Bitcoin and other cryptocurrencies. Elon Musk recently attended a crypto-themed conference in 2019 and stated that he owns about 0.25 Bitcoins, which is worth $9471.40 today. According to Musk, the huge currency issuance by central banks and governments gives Bitcoin a robust appearance. Following Musk’s announcement in 2019, Ethereum surged past $2,000, outperforming most other cryptocurrencies.
Musk owns a lot of Dogecoin and Ethereum, among other cryptocurrencies. Musk announced in February 2021 that he had purchased a few coins of the altcoin “Dogecoin” for his son, but he did not say how much he had purchased. Elon Musk, unlike other investors, has a unique perspective on cryptocurrency. He decided to invest in Dogecoin because of its popularity and the fact that it is a “people’s” cryptocurrency. Musk also confirms that he owns Bitcoin and Ethereum, and explains why he backs Dogecoin, a meme currency.
Investors assumed Elon Musk owned his Shiba Inu puppy when he tweeted images of it. Musk then clarified that while he does not have a pet, he does own three cryptocurrencies. He is a proponent of cryptocurrencies, believing that they would benefit those in need.
Jack Dorsey is a vocal supporter of Bitcoin and blockchain technology, but does he own any? The co-founder and CEO of Square and Twitter, who is worth a billion dollars, has long been a supporter of bitcoin and blockchain technology. He did, however, explain that he solely owns Bitcoin during a recent Lightning Torch trial. He also stated why he made this choice. Bitcoin, for example, is a technology that can make life easier for individuals in impoverished countries.
The Lightning Network, an additional layer of the blockchain that helps speed transactions and lower costs, has piqued Dorsey’s interest in the cryptocurrency in recent months. He even announced in June that Twitter will be adopting the Lightning Network.
While this news was not confirmed at the time, it certainly suggests that he believes in the technology and plans to use it in the future. In fact, Twitter’s CEO recently tweeted that he intends to include Lightning Network as an option for investors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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