Crypto News
30 Jun 2021

The Bitcoin Debate: Jack Dorsey vs Elon Musk 

Nisha Ramesh

For people interested in tech, the El Classico of Cryptocurrency is round the corner. 

The launch of the ‘B-Word’, an educational platform on bitcoin technology, by Jack Dorsey, the CEO of Square and Twitter, immediately drew the attention of Elon Musk. After volleying a couple of satirical tweets, the titans have agreed to a debate on the future of bitcoin. 

The B-word tweet

The Context: Why the bitcoin debate? 

Good friends and billionaires Jack Dorsey and Elon Musk have been longtime proponents of bitcoin and its underlying technology. 

Dorsey is a staunch believer in bitcoin’s ability to create more inclusive financial infrastructure. He is heavily invested in blockchain projects across underdeveloped communities in Africa and quickly added bitcoin to his companies’ balance sheet.

Meanwhile, Musk, the CEO of Tesla, SpaceX and The Boring Company, was touted as bitcoin’s biggest influencer. His announcement in early March on Tesla’s acceptance of bitcoin for payments skyrocketed (sorry, SpaceX-ed) the currency’s price to $58,000.

However, the fandom didn’t last long. Musk’s 13th of May tweet rescinding his earlier decision to accept bitcoin as payments and his subsequent criticism of bitcoin mining’s high energy consumption has put him at odds with the bitcoin community. 

Tesla and Bitcoin

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Why is the bitcoin debate important for crypto traders? 

Ever since Musk eagerly promoted Dogecoin, the meme-inspired cryptocurrency, while criticizing Bitcoin, the crypto market has been under a freefall hitting rock bottom at around $30,000. High volatility and fresh mining bans from China have further aggravated the situation for investors.  

Bitcoin history

Owing to the sway Musk holds on bitcoin’s market price, it is important to clear the air on fallacies surrounding bitcoin and its future, and who better than Captain Jack to get the house in order. 

What to expect from the bitcoin debate? 

Expected to be scheduled on the sidelines of July’s B-Word Conference, it is unclear whether or not Musk will show up at a conference aimed at demystifying bitcoin. 

However, Musk has already dropped hints from his satirical reply – “Comments in this thread are solid gold” – to Dorsey’s tweet requesting Musk to join the conversation on digital gold – the Bitcoin. The Bitcoin vs Gold debate is certainly on the cards besides a possible ‘Jack quizzing Musk’ scenario on bitcoin-specific topics like relative energy consumption, hedge to inflation, price stability, decentralization scepticism, and the future technological prowess. 

Irrespective of the outcome, it will be interesting to witness an intellectual dialogue on a nuanced topic like bitcoin.

P.S: KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing.

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Nisha Ramesh

Content Writer

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