A pleasant day, closed by a great volatility triggered by the first appointment of The B World, a series of online conferences on the world of Bitcoin that involved Jack Dorsey, Elon Musk and Cathie Wood of ARK. A kermesse
that helped create some volatility in the markets, also thanks to one of Elon Musk’s announcements.
Overall, at least in our opinion, it was an excellent starting point to begin to seriously discuss Bitcoin and its adoption among business but also among the population.
Elon Musk’s announcement pushes Bitcoin above $32,000
The news spread by Musk that is contributing from a moment of relative strength of Bitcoin. A moment on which we can invest with eToro (here for the free and unlimited virtual account)
, a brokerage that also offers CopyPortfolios that include Musk and Dorsey’s companies investing in Bitcoin – in addition to CopyTrading to copy the best or spy on their wallets.
Not only Tesla: even SpaceX has Bitcoin on its balance sheet
The news that helped shake up the markets yesterday came, predictably, from Elon Musk. The CEO of Tesla has announced in fact, en passant, that his other company SpaceX has already purchased Bitcoins
, although he did not specify either timing or quantity. Everything suggests that it was a relatively recent purchase, since there has been no official announcement of any kind, not even to shareholders.
All this within a chat in which Musk was dragged almost by force, after being cornered, via Twitter, by Jack Dorsey. The reason for contention is always the same: the energy consumption of Bitcoin that would make it unfriendly. The same reason that on paper has led Tesla to back off on payments in BTC.
ecological theme has held the stage The ecological theme has held the stage, as expected, with Elon Musk who returned to the issue, teased by the other guests
Tesla will return to accepting payments when more than 50% of the energy used for mining is renewable.
An explanation that’s the same one he’s given on several occasions in the past, without what the Council has released being of any help with respect to this kind of decision. Because Elon Musk has reiterated, once again, that he is waiting for reports that can describe more widely the true situation behind the mining of Bitcoin, without taking into account
only the miners of great depth who have decided to gather in the Council.
Jack Dorsey is obviously of a different opinion, reiterating (and this is also our position) that in reality the consumption of Bitcoin is increasingly green and in any case to protect a network and a protocol that offer solid money, unassailable transactions and independence to potentially 7 billion people. We doubt there will ever be agreement between the two on this point, although another of Elon Musk’s views should be analyzed anyway.
The CEO of Tesla and SpaceX has in fact pointed out that the move to stop Bitcoin payments was against his own economic interest, given that all his companies have invested heavily in BTC and given that he, personally, also has some in his portfolio. An investment portfolio that, should we take what he said yesterday at face value, contains only Tesla stock, SpaceX stock, Bitcoin, Ethereum and Dogecoin.
Here’s why Elon Musk is investing in Dogecoin
There were moments of hilarity when Elon Musk explained why he’s invested in Dogecoin, taking the matter exactly where we expected it to go.
It’s irreverent, there are memes, and there are dogs
An explanation in true Elon Musk style, which elicited more than a few laughs and helped to restore a lighter atmosphere, for a conference that overall was productive – and which in our opinion will be a good foundation on which to build future events.
Bitcoin’s price: predictions on how it will move
During The B Word we witnessed a lot of volatility on Bitcoin, with the price touching $33,000, only to war again around $32,000, with the situation this morning being the same as we saw during the online conversation.
We remain in the realm of sideways movements, with no clarity as to whether and when BTC may break free to the downside or upside. A situation to monitor on the short side, but on the long side we confirm to be the one indicated by our Bitcoin forecasts. That is, a big rise, at least according to our analysts, already before the end of the year. The summer proved to be the toughest season for Bitcoin which, however, also thanks to this kind of events, is strongly widening its reach.