Better Bitcoin than negative interest rates and a possible Bitcoin comeback at Tesla – “The B-Word” inspires
Despite his criticism of the high energy consumption in Bitcoin mining, Tesla boss Elon Musk made a fundamental commitment to cryptocurrencies at the industry conference “The B Word” on Wednesday evening. “I would love to see Bitcoin succeed,” said Musk. But that was not the only signal to the last battered crypto market.
In the one-hour discussion, in which, in addition to Musk, Square boss Jack Dorsey, Ark Invest CEO Cathie Wood and Steve Lee from Square Crypto took part as moderators, the Tesla boss commented in detail on why his company is currently not using Bitcoin – Payments more accepted.
“Tesla’s mission is to promote sustainable energies. We cannot be a company that does that and at the same time does not care about the energy consumption of Bitcoin. “
But according to Musk, there are positive developments. “It looks like Bitcoin is shifting much more towards renewable energies and a number of the coal-fired power plants, which were undoubtedly used in China in particular, have been closed,” said the Tesla boss.
He wants to check the numbers more closely, but it looks as if the share of renewable energies in Bitcoin mining is at least 50 percent – and the trend is rising. “If that is the case, Tesla will accept Bitcoin again,” announced Musk.
“I might pump, but I don’t dump”
The statements about the crypto investments that he made personally and through his companies Tesla and SpaceX also caused a stir. “I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin. Personally, I still have some Ethereum and Dogecoin, ”said Musk in the opening round (THE SHAREHOLDER reported).
He also confirmed that these are long-term investments. There had been increasing doubts about that recently. “If Bitcoin falls, I’ll lose money,” said Musk. For him it is certainly not about artificially driving up the price in order to then sell. “I would like to see Bitcoin succeed.”
In the further course, Musk and the other participants came to talk about the actual topic of “The B Word”, namely the possible advantages of crypto investments for the cash management of companies. The fact that Tesla has to pay negative interest on bank balances in Europe, for example, is driving him “crazy,” according to Musk. The money should better be put in Bitcoin.
On the crypto market, the statements by Elon Musk and his colleagues were clearly received positively. Bitcoin and most of the altcoins increased their profits noticeably during the discussion. The effect continues to have an effect on Thursday morning: on a 24-hour basis, Bitcoin is around four percent higher and has meanwhile regained the $ 32,000 mark.
The Bitcoin course is still not completely off the hook, but the direction is right again. For brave investors with staying power, Bitcoin is and will remain an exciting addition to a portfolio.