On Wednesday, July 21, 2021, one of the most important events in the cryptocurrency world took place: the B World conference. As you can guess, this conference was about Bitcoin (BTC), currently the most popular cryptocurrency in the world. The conference featured a debate between well-known investors: Elon Musk, founder of Tesla and SpaceX, and Jack Dorsey, CEO of the messaging platform Twitter. What topics were discussed during this debate? Read it below.
What about Bitcoin?
In May 2021, Tesla, the electric car company, announced that it had suspended accepting Bitcoin (BTC) as a means of payment. This caused a crisis in the cryptocurrency market. The price of the previously popular cryptocurrency began to fall. Exactly until the day of the B World conference. That’s when Elon Musk, the owner of Tesla, began to express his positive opinion about cryptocurrencies once again. This caused a sharp increase in the price of Bitcoin, as much as 11%! From a level of $29,500, the price climbed to a level of $32,875. So what did Musk, and his partner in the discussion, Dorsey, say on the subject?
Tesla and SpaceX hold a stake in Bitcoin
The most important news to come out of the conference was the confirmation that Musk’s two main projects, SpaceX and Tesla hold Bitcoins (BTC) in their vault. Until now, there has only been speculation about this. At the B World conference, Musk during his conversation with Dorsey finally confirmed them. It is estimated that Tesla alone holds around 43,000 BTC tokens. How many tokens does SpaceX own? This is not known. What is known, however, is that the investor himself holds about $5 billion in BItcoin, both personally and through his companies.
Tesla will newly start accepting payment in Bitcoin
Elon Musk is a well-known proponent of “clean energy.” So it’s no surprise that he supports services that have a positive impact on the planet. One of his companies, Tesla, has announced that it plans to continue accepting Bitcoin (BTC) as payment for electric cars. The current trend in the cryptocurrency market is to derive the energy needed to “mine” tokens from renewable energy sources. This therefore agrees with Musk’s worldview, which claims that cryptocurrencies are already more environmentally friendly than the traditional finance sector.
So it looks like Musk is back to his previous stance – favoring cryptocurrencies. His words are also reflected on the stock market, as Bitcoin is trending upwards again.