Elon Musk and Jack Dorsey personally own Bitcoins. They confirmed this during their discussion during B Word, an event organized by ARK Invest, one of the most important funds investing in cryptocurrencies. Musk pointed out that he is a Bitcoin supporter, despite his skepticism towards the consensus algorithm Proof-of-work, which consists of involving very powerful computers to solve mathematical calculations and validate transactions, sealing them in the permanent register of the blockchain. This process, in fact, consumes a lot of electricity which, in many cases, is not produced from renewable sources, fueling the demand for fossil fuels and coal.
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Now Musk still holds “a lot of Bitcoins, many more than Ether and Dogecoin”, two other very popular coins in recent times that he himself has advertised widely in the last six months. In particular i Dogecoin: said on Twitter that he also bought some for his son X Æ A-12. Not only that: Bitcoin are also on the balance sheet of Tesla, who bought the equivalent of 1.5 billion dollars last January, and of SpaceX, which, not being a listed company, does not have to publish its financial statements. Tesla had announced that it was accepting Bitcoin as a payment method last February, only to go back on the decision because Musk believed that “Bitcoin consumes too much, and is not powered by renewable sources”.
During the discussion with Dorsey, however, the South African tycoon explained his position better, confirming that Tesla will return to accept Bitcoin: “Energy production does not have to be pure as snow, but it cannot come from the dirtiest coal either. , for Tesla to support it, ”he said, concluding that“ I really believe that Bitcoin will be [una tecnologia] much more attentive to the environment, certainly more than gold mining or the traditional financial industry. In some ways, it already is. ” Tesla will return to accept Bitcoin when at least 50% of the cryptocurrency mining operations are powered by renewable energy.
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“Bitcoin by itself cannot be the monetary system that the whole world is based on, but it can become a additional model, based on how it will be implemented, ”Musk continued, adding that SpaceX is also“ playing a role ”in Bitcoin’s future.
Despite being less explosive and spectacular in its intentions, Jack Dorsey, CEO of Twitter and Square, said during the discussion that if the cryptocurrency model had existed when the internet was being born, perhaps at this time the advertisements would not be the main driver of profit for a company, and that surely Twitter will accept. Bitcoin as a payment method in the future, but that’s not the main focus now, as efforts are on BlueSky, a pilot project funded by Twitter but with a separate team of five developers aiming to find a sustainable business model for a decentralized social network. The project, however, is still in an embryonic state.
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