The dealer does not leave the table? Musk is a Bitcoin platform again

“I want to see Bitcoin succeed.”

At The B Word Bitcoin Conference on July 21, Musk, who had high hopes, once again became a digital currency “platform”, reiterating his support for Bitcoin, Ethereum and Dogecoin, saying that if the cryptocurrency depreciates He personally will lose money, and said that if the production of Bitcoin can guarantee the use of a higher proportion of renewable energy, Tesla will resume payment in Bitcoin.

“The three things I own outside of SpaceX and Tesla (stock code: TSLA) are Bitcoin, some Ethereum, and some Dogecoin,” Musk said on The B Word online forum. “If the price of Bitcoin drops, I will lose money.”

On the same day, Tesla CEO Elon Musk and “Sister Wood” Cathie Wood and Twitter and Square founder Jack Dorsey (Cathie Wood) attended The ₿ Word meeting online discussion.

“I may pump, but I will not sell. (I Might Pump, But I Don’t Dump.)” Musk said. “I don’t believe in selling at high prices (the story), I want to see Bitcoin succeed.”

The dealer does not leave the table? Musk is a Bitcoin platform again

Tesla previously stopped accepting Bitcoin payments because Musk expressed concerns about the large amount of energy used to mine cryptocurrencies-most of which are produced in coal-fired power plants in China. But China has effectively banned encrypted mining, and computer networks are being transferred to the United States and other regions.

This shift may increase the number of bitcoins produced from renewable resources. Musk said that if this situation continues, Tesla will resume accepting Bitcoin payments.

“We want to do more due diligence to confirm that the percentage of renewable energy use reaches or exceeds 50%, and this number has an increasing trend,” Musk said. “If so, Tesla will resume accepting Bitcoin (payment).”

Dorsey pointed out in the conversation that if Bitcoin existed before the Twitter he co-founded, then the entire advertising model of social media might not appear.

“If Bitcoin had existed before YouTube, Twitter, and Facebook, then many of these business models we have today would not be the same.” He said.

Wood reiterated the idea that Bitcoin will serve as an inflation hedge, especially in countries where there is hyperinflation and private wealth may be confiscated. Wood said that people in these countries “will turn to Bitcoin and other ways to maintain purchasing power.” She added that she also worries about the power of deflation, and Bitcoin can hedge against this.

Musk said that one of the reasons Tesla holds Bitcoin on its balance sheet is that global interest rates are close to zero, while in Europe they are negative. Musk added that Tesla’s European deposits are negative interest rates. “It’s annoying to see our money in Europe depreciate,” he said. “Crazy.”

In addition to support for Bitcoin, Musk did not omit support for Dogecoin and commented on it as usual. “Dogecoin is a bit cynical and has a great’stalk’,” he said, noting that it didn’t take itself too seriously. Although Occam’s Razor Law says that the simplest result is the most likely, Musk added that the most ironic and entertaining result may also be the most likely.

“If this is true, then the most ironic and entertaining result is that cryptocurrency started as a joke, and it ended up being the most ironic result.”

He added that his hope for Bitcoin is that it can improve the currency’s “core efficiency”, he added. “This will lead to a better standard of living and more personal power, and I very much agree with this.”

The market seems to have anticipated that Musk and others will “platform” for cryptocurrencies. Bitcoin’s trading price rebounded to US$31,670 on the afternoon of July 21st, Eastern Time. It has risen by 6.4% in the past 24 hours, which is much higher than its recent low of about US$29,000. The price of Ethereum also rose, rising 8.9% to $1945, while Dogecoin rose nearly 10% to $0.18755.

Posted by:CoinYuppie,Reprinted with attribution to:
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