Tesla, Inc. (TSLA) CEO Elon Musk is doing it again. The irrepressible entrepreneur, whose tweets are accused of bringing down the price of Bitcoin (BTCUSD) earlier this year, once again changed prices in the cryptocurrency markets yesterday.
During the B Word conference, Musk revealed that his private space exploration company SpaceX owned Bitcoin and offered Tesla the option to resume purchases of his cars using cryptocurrency. Musk also said he owns Ethereum (ETHUSD) and provided comments on Dogecoin (DOGEUSD).
Key points to remember
- Tesla CEO Elon Musk expressed his enthusiasm for cryptocurrencies yesterday, raising the prices of Bitcoin, Ethereum and Dogecoin.
- Musk’s support for the cryptocurrency markets came after the price of Bitcoin temporarily fell below $ 30,000, raising fears of a prolonged slowdown.
- Meanwhile, Square CEO Jack Dorsey is considering a role for Bitcoin in achieving world peace.
Investors, weary of a sell-off in crypto markets the day before, raised the prices of the three coins. The price of Bitcoin jumped 3% to $ 32,805.55, minutes after a video of the conference was released. At 1:49 UTC today, Bitcoin was trading at $ 32,093, up 1.73% from its price a day earlier.
Ethereum’s price also climbed 6.3% from its morning valuation, and Dogecoin climbed 10.9% to trade at $ 0.2101 in the same amount of time following the comments. by Musk.
Musk’s boost in the cryptocurrency markets has been a relief for investors. Bitcoin had fallen below $ 30,000 on Monday, prompting investors to fear the crypto markets were heading into a prolonged slowdown.
Bitcoin has “a lot of potential”
During yesterday’s discussion, Musk said that Bitcoin has “a lot of potential.” But he ruled out the possibility of the cryptocurrency’s base layer becoming a medium for transactions because scarcity was built into his design. Bitcoin’s base layer consists of its blockchain, which is slow to process transactions and will never mine more than 21 million Bitcoin.
“The Layer 2 system can evolve into a monetary system for the world,” Musk said. Layer 2 technologies, like the Lightning Network, aim to increase transaction processing speed by pooling them for reconciliation later.
In January, Tesla announced a $ 1.5 billion investment in Bitcoin and allowed customers to buy its cars using cryptocurrency. But he stopped the practice in May due to environmental concerns related to Bitcoin mining.
Musk said yesterday that the company is still researching the use of Bitcoin’s renewables. “We want to do a little more due diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50% and that there is a tendency for that number to increase,” he said. -he declares. “If so, Tesla will start accepting Bitcoin again.”
Musk’s statements and claims about Bitcoin and other coins are having a disproportionate effect on the nascent ecosystem, which is already facing significant volatility. Yesterday, Musk refuted the suggestion that he personally won by influencing movements in the crypto market because he had not sold any of his personal holdings. “I could pump. But I don’t empty,” he said.
The entrepreneur’s involvement in cryptocurrencies goes beyond Bitcoin. At the conference, he said that Ethereum also has the potential to evolve and become a monetary system for the world.
Based on his Twitter feed, Musk is also fascinated by Dogecoin, a prank cryptocurrency created to poke fun at the crypto ecosystem. His price skyrocketed after Musk tweeted about it, and he would work with his development team.
He used Occam’s razor-sharp proposition, which states that the simplest outcome is the most likely outcome, to explain Dogecoin yesterday. “The most ironic and entertaining result (for the cryptocurrency ecosystem) is that crypto started out as a joke ends up being the main cryptocurrency,” he said.
“Peace in the world” with Bitcoin
Meanwhile, Jack Dorsey of Square, Inc. (SQ), another publicly traded company that has Bitcoin investments on its books, had a slightly different take on cryptocurrency. According to the CEO of the payment company, Bitcoin could be used to achieve world peace. “My hope is that he [Bitcoin] create world peace or help create world peace, ”he said. “It might sound a little silly, but you set that fundamental level and everything above it gets better. It’s for the long haul, but my hope is definitely peace. ”
While peace may be a long-term goal for Dorsey, the profits should be doing well for now. Square’s Cash app enables Bitcoin trading, and the company reported $ 3.5 billion in revenue (out of a total of $ 5.06 billion) and $ 75 million in Bitcoin profit. in May.
Dorsey said he was drawn to cryptocurrency because his network and community were “deeply principled” and “weird as hell.” The CEO continued, “It just reminded me of the internet when I was a kid.” Dorsey also touted the benefits of decentralization and called the current financial infrastructure a “mad predatory system” in which middlemen charged with providing banking services and facilitating transfers charge exorbitant fees.
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