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Created on 23 Jul 2021 | 302 Views

The Musk-Dorsey Bitcoin Conference: Key Takeaways

by Savan

When was the last time two of the world’s most influential individuals got along for a non-commercial deliberation? Good luck struggling to recall! 

Last night, two of the sharpest minds in tech discussed the future of money, energy, decentralisation, world peace, and a lot more. But what brought them together? Bitcoin.

Elon Musk, the tech-giant, caught up with Jack Dorsey, the stoic billionaire cum philanthropist, on the sidelines of ‘The B-Word’ Conference.

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The high quality discussion has set a remarkable benchmark on what the future innovation around blockchain should look like. And bitcoin is at the heart of all this. 

Here are the top takeaways from the duo’s brain crunch over crypto. 

Elon Musk ‘Only Pumps, Never Dumps’. 

The Tesla and SpaceX CEO is undeniably the biggest hand that influences the crypto market. 

The bear market triggered by China’s mining ban and Tesla’s impromptu decision to stop accepting bitcoin payments put investors in a tough spot. Besides a series of satirical tweets, Musk’s stance on bitcoin was largely ambiguous. 

However, finally, Musk cleared the air and made peace with bitcoin aficionados. Sporting a cool ‘Evolution of Money’ T-shirt with bitcoin as the future money on it, Musk was unequivocal in his support for the world’s largest crypto.

The Tesla CEO noted that ‘the only three meaningful assets he owns outside Tesla stocks were bitcoin, ether, and dogecoin. Of which bitcoin outweighed the other two.’ He also added, “If the price of bitcoin goes down I lose money. I might pump but I don’t dump.”

Tesla will soon accept bitcoin

The only sticking point throughout the conversation was bitcoin’s energy-intensive proof of work concept. However, Musk reiterated that Tesla will resume accepting bitcoin once the renewable energy sources reach 50%. 

Cathie Wood, the founder and CEO of Ark Invest, also a co-panelist at the conference, quickly rebutted the energy fallacy. “Bitcoin is much more environmentally friendly than the traditional gold mining or financial services sector”, she noted. 

The drop in bitcoin’s value has made the energy transition much easier. The possibility of Tesla’s green energy (or fission-based nuclear energy as proposed by Musk) and SpaceX’s Starlink project powering the internet money is the biggest takeaway for hodlers on what the future looks like. 

Dorsey bats for World Peace and a Decentralised Twitter

The Twitter CEO has been an unequivocal proponent of bitcoin from its early days. Dorsey’s payments company, Square, is building a new business around decentralised financial services (DeFi) using bitcoin. 

Also, much of Dorsey’s love for bitcoin springs from the fact that it can empower the underdeveloped communities in Africa and India. Most of whom are left out of or hamstrung by traditional financial services. 

“What inspires me the most about bitcoin is the community driving it,” Dorsey added. “It reminds me of the early internet.” 

Larry the bird, Twitter’s official mascot, could soon be chirping songs of bitcoin. While explaining that bitcoin has the best potential to be the ‘native currency’ of the internet, Dorsey endorsed Twitter’s decentralisation efforts, including project Bluesky. 

And let’s not forget to have some fun

Why Dogecoin, Musk? Well, it doesn’t take itself too seriously. 

“The Doge community has a lot of memes and dogs, and it doesn’t take itself too seriously”, answered Musk when asked about his interest in Dogecoin. True, the crypto space can get too often too worked up. 

This drives us home with the most valuable takeaway – have some fun while bitcoin strives to make the world a better place. 

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.

Disclaimer :The content of this article is for informative purposes only. It is not intended as a substitute for investment/ financial advice. If You decide to act upon this information, You shall do it at your own risk. While such video/ article has been verified, it depends on third-party sources too, and CoinSwitch Kuber does not guarantee that there are no mistakes or errors nor does CoinSwitch Kuber represents the views presented in such article to be it’s own..

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Savan

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