Elon Musk's 6 revelations about Bitcoin

In an exchange that was eagerly awaited by the entire Bitcoin ecosystem, Elon Musk spoke with Twitter boss Jack Dorsey, Steve Lee and Cathie Wood, head of the Ark investment fund, last night.

The event, attended by up to 50,000 people simultaneously, was part of a series of talks called “The B World” and had as its theme of the day “bitcoin as a tool for economic empowerment”. The panel gave the interested parties the pretext of a platform where revelations followed one another. As soon as the live event is over, we take a look at some of the Tesla boss’s shocking statements.

The B World, the World of Bitcoin

The event started at 6pm French time, was broadcast live on Youtube and brought together Jack Dorsey, founder of Twitter, Cathie Wood, CEO of Ark and Elon Musk, the fantastic multi-billionaire, under the moderation of Steve Lee (from Square, another company of Jack Dorsey, also

specialized in

Bitcoin

). Panel The B World avec Elon Musk et Jack Dorsey When the work zoom meeting goes haywire

Elon Musk, is as useless as it is unobvious to present simply, so many companies he is responsible for, not even counting the special place he now occupies – for better or worse

– in the collective crypto-conscious.

And it’s an understatement to say that the intervention of the “Doge-Father” at this panel was expected, as much as feared.

Indeed, it will be recalled that Elon Musk has been able in recent months to embody both the most effective of muses for Bitcoin, as much as his most terrible Nemesis, alternately and with a disconcerting lack of transition (including for himself who regularly agrees that one should not take too much notice of the “peculiar” way his brain works).

Thus, Elon Musk has been the architect of the most grandiose edifices in recent Bitcoin history (his announcement of Tesla acquiring $1.5 billion in Bitcoin, then accepting it as a means of payment for the purchase of its electric vehicles is broadly considered one of the main reasons for Bitcoin’s recent high of $52,000), as well as the most dilapidated (his reversal of fortune a few weeks later under the guise of Bitcoin suddenly being “too green” and his immoderate affection for certain puppy-faced shitcoins being identified as deeply discrediting factors for a market as volatile and immature as cryptocurrencies).

In short, whether you worship him or hate him viscerally, Elon Musk, with his 60 million followers, is capable in 280 characters or with a well-felt punchline of making the whole market shake

hey crypto. stronger than a Falcon rocket at takeoff.

So everyone was waiting for the little phrase, or the symbolic object likely to guide a crypto market, quite breathlesslately.

And in less than an hour, the whimsical businessman has shown a rare generosity, multiplying the announcements and revelations! Let’s go around in 6 major topics.

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Elon Musk’s revelations about Bitcoin

While Elon Musk has made unpredictability a form of trademark, even regularly managing to act seemingly against his own interests or those of his many companies, his entire discourse regarding Bitcoin has been particularly positive and bullish.

Is Elon Musk manipulating the price of Bitcoin?

Elon Musk begins by going back to the market fluctuations he tends to cause and reminds us of a simple rule in this matter:

” I can make (Bitcoin) go up , but I don’t dump it. “

We suspected this, even if it seems like common sense, but Musk thus reminds us that as a holder of large allocations of Bitcoins himself, there is not the slightest advantage for him to drop the price if he can avoid it. A form of response to those who wondered about his about-face regarding the acceptance of Bitcoin as a means of payment for Tesla, which had left observers dumbfounded (and washed out the market).

Elon Musk is interested in a heating system that would mine Bitcoin

Elon Musk confirms that he has asked his team to potentially create a backup heater that would also mine Bitcoin or cryptocurrencies. He explains that this would be “better than running a space heater lol.”

Note that this idea is not new, and has even already gone from concept to finished product thanks to Wise Mining and its Sato boiler, which we talked about on the Coin Journal not long ago.

Elon Musk wants to install a Bitcoin node in his Starlink satellites

“One idea, would be to put a bitcoin node in SpaceX’s Starlink terminals, so that more people would use bitcoin. In fact… I submitted this idea to the team”

It will be recalled that Starlink is a global satellite network deployed by Space X launchers, with the purpose of distributing Internet access around the globe. It is planned that as of 2025, 12 000 Starlink satellite units will be positioned in low orbit around the planet (2000 currently).

Elon Musk thus indicates that, in addition to Internet coverage, his satellite network could host and distribute the Bitcoin blockchain everywhere, including in the most remote places.

We recallera that Blockstream is also moving into this niche, and will in fact use the current acceptance of Bitcoin as a legal tender in El Salvador to roll out its services, which would bring even more resilience and power to the Bitcoin network.

Elon Musk acknowledges that Bitcoin mining is increasingly green

It’s the big topic of the moment: the supposedly unreasonable carbon footprint of Bitcoin mining; and while the debate is not new (and was anticipated by Satoshi Nakamoto himself), this is indeed the topic that is occupying the entire industry and conditioning the current big moves, from China’s ban on mining, to the rise of the United States, to the emergence of a National Bitcoin Miners Council, which is very pro-active on the subject.

We recall that Elon Musk has conditioned the return of Tesla to bitcoin payments to the guarantee of a mining on renewable energy reaching at least 50% of production.

A subject on which Musk now seems optimistic, even if he wants to do some more research:

“It seems that Bitcoin is moving strongly towards using renewable energy. I want to do a little more diligence to confirm that the percentage of renewable energy use is most likely at or above 50 percent and that there is a trend toward increasing that number…”

Tesla and Bitcoin payments, back on the agenda

If the previous condition comes to pass, the Tesla boss says he is ready to make good on his promise to bring his electric vehicle production company back into the Bitcoin payment ecosystem. Elon Musk thus confirms that Tesla would be ready to resume payments in Bitcoins.

Space X owns Bitcoin

This is a revelation with a definite impact. While it was known that Elon Musk owned Bitcoin personally (in addition to “a little bit of Ethereum and Dogecoin,” he explained on the live show), that it was common knowledge for Tesla, never before had it been publicly admitted that the space company Space X owned Bitcoin.

“I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin”

As we can see, Elon Musk’s appearance on B World was rich in revelations and largely clarifies the billionaire’s plans for Bitcoin. As for his fundamental opinion on the queen of crypto currencies, Musk sums it up simply, far from the pure business logic one might lend him: “My hope for Bitcoin is that it allows for a better standard of living and more power for the individual.” The years to come will be the judge of the sincerity of this credo.

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