Elon Musk And Jack Dorsey Spar Over Bitcoin's Future: Key Takeaways

Tyler Durden's Photo
by Tyler Durden
Wednesday, Jul 21, 2021 - 01:50 PM

Summary: here are five key takeaways from the live panel, courtesy of Bloomberg:

  • Square is working on more crypto-related hardware solutions, beyond the hardware wallet the company announced earlier, Dorsey said.
  • SpaceX holds some Bitcoin, and hasn’t sold any, Musk said. He also personally owns more Bitcoin than Ether or Dogecoin, he said. “If price of Bitcoin goes down, I lose money,” Musk said. “I might pump but not dump. And I would like to see Bitcoin succeed.”
  • Musk asked Dorsey if Twitter could allow advertisers to pay for ads in crypto, and Dorsey seemed to indicate he’d consider that.
  • Musk said he believes Tesla will “most likely” restart accepting Bitcoin as payment, as Bitcoin’s network moves to using more renewable energy.
  • Wood said that Bitcoin could become more environmentally friendly than gold mining or even the existing financial systems.

* * *

Tesla CEO Elon Musk, Twitter CEO Jack Dorsey, and Ark Invest CEO Cathie Wood will be featured speakers at the Bitcoin event “The B Word,” which will feature a live discussion between the three focused on how Bitcoin is perceived by the mainstream.

Some have suggested that bitcoin's rebound from below $30,000 today was in anticipation of this event...

Source: Bloomberg

As reports, the Elon vs Jack showdown started in mid-May after Tesla's apparent about-turn 'betrayal' of bitcoin, publicly canceling its previous announcement of accepting bitcoin citing unsustainable outputs from bitcoin mining.

Jack Dorsey tweeted in favor of Bitcoin (BTC). Dorsey, CEO of the digital payments company Square said Bitcoin changes “everything” for the better and stated his commitment to making Bitcoin better with time.

Jack tweeted in response to Square CFO Amrita Ahuja’s tweet on the unchanged Bitcoin policy at Square Inc. She assured the users of Square’s commitment to a greener future via its Bitcoin Clean Energy Initiative.

Then in June it was confirmed: the battle was on...

Dorsey and Musk are all set to debate over one of the most controversial topics, i.e., Bitcoin’s mining consensus and environmental impact.

While, Musk has criticized Proof-of-work (PoW) based Bitcoin mining, pointing out excess energy consumption and has gravitated towards supporting proof-of-stake (PoS). Meanwhile, Dorsey has been defending PoW as key to Bitcoin’s decentralized and secured nature despite high energy consumption. He has also said that PoS is comparatively centralized and less secure.

According to its website, The B Word event is a “Bitcoin focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can and should embrace it, and raise awareness around areas of the network that need support.".

Watch the battle for bitcoin here (due to start at 1400ET):