What Elon Musk said at the B-Word conference

Jul 22, 2021

The much anticipated The B Word conference took place with lots of good news from Jack Dorsey, Cathie Wood and especially Elon Musk. Jack Dorsey initiated the conference to discuss Bitcoin face-to-face on the topic of “Bitcoin as a tool for economic strengthening”. The information from this conference has also influenced the growth of the BTC price and the crypto market.

What does Elon Musk think of Bitcoin?

Jack Dorsey, the CEO of both Square and Twitter, is a big proponent of bitcoin and crypto. He also plans to start a company that will launch a Bitcoin hardware wallet and decentralized funding. And Cathie Wood is ARK Invest’s Chief Investment Officer, has invested heavily in GBTC and owns many shares in Tesla. These are two famous people who have clear views as well as specific actions to support the development of BTC.

One person that is getting more attention is Elon Musk as well as his divided views at this conference. In the past, Elon Musk has shared many unclear views on BTC. During the B-Word conference, Elon Musk tried very hard to get the message across that he was an advocate of BTC and crypto.

Elon also announced that he currently holds the assets of Tesla, SpaceX, BTC, ETH and Dogecoin stocks. In it, Bitcoin occupies the highest percentage of the three digital assets. In addition to Tesla, SpaceX also stores BTC, which Elon Musk hasn’t mentioned yet.

Elon Musk also shared that he also understands that BTC’s peer-to-peer network is very slow compared to many other networks. However, compared to banks, BTC has many advantages. With online transfer, the money is only transferred numerically, but if you want to withdraw money, especially large amounts or transfer money across countries, the fees are very high and the transfer takes a long time. But with Bitcoin and Crypto, cross-border transfers are fast and fees are low. Currently, BTC is also implementing the second tier Lightning Network to solve the problem of speed and transaction fees.

In addition, Elon Musk also invests and holds ETH. He also believes in the development of the ETH network and the decentralized funding of DeFi.

So far, Elon Musk and SpaceX have not sold any digital assets. Only Tesla only sold 10% once at the end of the 1st quarter of 2021 in order to check liquidity and use it for quarterly financial reports.

Elon Musk and two companies store most of the BTC of the three digital currencies. That also shows how important he sees the importance of BTC. At the same time he said: “Between BTC, ETH and DOGE I hold the most bitcoin, if it goes down I lose money. I can pump, but I won’t deflate, and I don’t believe any information about me is pumping to deflate it.

Regarding Bitcoin mining, Elon Musk believes that BTC needs to increase BTC mining with clean energy. And the trend towards using clean energy is the future trend as the cost becomes cheaper and cleaner. Future energies can be generated from solar energy, shelf energy, hydraulics, etc.

Tesla is a company that makes electric cars and wants to protect the environment. So, according to Elon Musk, this company has a high chance of accepting BTC payments again if more than 50% of BTC is mined from renewable sources. And if possible, Tesla will help mine BTC with green energy.

Jack Dosey was asked a question about why he supports Bitcoin, but Twitter does not accept payment in BTC. Jack Dosey responded that Twitter is strategic and will accept payments for ads on its platform in bitcoin.

Why does BTC promote the use of green energy?

Bitcoin mining is a business too, so Cathie Wood believes that bitcoin miners will also use renewable energy as lower costs will help increase profits. She also said that Bitcoin will help promote renewable energy development.

The second has to do with social issues. Currently, cross-border money transfers are very expensive and take a long time. Therefore, Bitcoin is the solution for fast and secure cross-border money transfers. Even those who do not use the bank can still access it without any problems.

The receipt of Bitcoin only requires one address and the entire transaction is on the blockchain network. This is the administrative benefit that Cathie Wood mentioned.

What do people expect from BTC?

Elon Musk hopes that bitcoin and crypto can make sending money easier, fighting fraud, and a tool that can decouple money and government. The government is also a powerful “corporation” and Elon says that BTC cannot be fully trusted to reduce government power.

And Cathie Wood hopes that Bitcoin can be the foundation of decentralized finance, an innovation for monetary technology, and later linked to artificial intelligence. She also compares BTC to the internet from 1995 to 1997. Bitcoin is a huge thing, but no one can understand how it really affects people’s lives. She said that when the world is connected to artificial intelligence, decentralized finance and automation, BTC is like a common currency on the internet so they can coordinate.

Jack Dosey believes that Bitcoin can be a tool to bring peace to the world. If people don’t accept inflation from the government, BTC will be a tool to fight inflation and protest peacefully.

As Elon Musk announced, Tesla’s money is now increasingly being lost in Europe due to inflation and negative interest rates. Not only does Tesla lose money, but it also has to pay the banks that keep their money.

Cathie Wood believes BTC is an asset every business should have. Bitcoin will not only be a profitable asset, it will also be a tool against inflation.

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