Elon Musk Revealed He Owns BTC During "The B Word" Conference

by in Cryptocurrency News

Musk about Bitcoin

On July 21, during Bitcoin-centered "The B Word" conference, Ark Invest's CEO Cathie Wood, Tesla's CEO Elon Musk, and Square's CEO Jack Dorsey had a live discussion with the moderation of Steve Lee.

Related: Tesla Will Restart Accepting BTC After Mining Improvements

Answering the question about his views on BTC, Musk said "It makes sense to support something that improves the quality of information which will conduct the economy and Bitcoin is a candidate." He mentioned that the Bitcoin network is evolving, bringing the example of the layer 2 payment protocol Lightning network.

Musk finds the main advantage of the coin is its scarcity, decentralized nature, and security. He says Bitcoin has much potential although at the moment its transaction volume is low and the cost is high. Its usability for the average person is not yet very good. Also, Musk expressed concerns about the Proof-of-Work mining mechanism, which is bad for the environment. However, he sees a tendency of switching to more renewable energy and says Tesla will allow Bitcoin payments again most likely.

The business magnate said the only public stock he owns is Tesla, but outside the company, he owns Bitcoin, some Ether, and some Doge.

Square CEO Jack Dorsey said if BTC had been created earlier, social media would look differently today.

Cathie Wood believes Bitcoin's purchasing power will increase over time. She supports cryptocurrency and finds it an effective store of value. Referring to BTC mining, Wood said in many ways the process is more environmentally friendly than gold mining and the operational way of traditional banking institutions

After the talk, the Bitcoin price has gone up. Currently, Bitcoin trades at over $32.000.