Elon Musk, Jack Dorsey, and Cathie Wood Releases A Dose of Bitcoin Hopium

Tesla CEO, who owns BTC, ETH, and DOGE, declared that he pumps but does not dump and will resume accepting Bitcoin as payment once it conducts due diligence. According to Twitter CEO, BTC can “replace the whole foundation,” while Ark Investment CEO says the cryptocurrency is a hedge against inflation, hyperinflation, and deflation.

There was a lot of hopium at “The B Word” conference with sparks flying yet again between Elon Musk and the crypto community as the price of BTC went to nearly $33,000, Ether above $2,000, and DOGE past $0.21.

This surge in prices came as the Tesla CEO revealed that his electric car maker and the space exploration company SpaceX owns Bitcoin and has no plan to sell it.

Musk personally also HODL Bitcoin, Ether, and Dogecoin besides his company stocks. And though he “might pump,” he does “not dump,” was what Musk said at the conference.

“In general, I'm a supporter of Bitcoin and the idea of cryptocurrency.”

Musk also revealed that he has an anonymous account on Crypto Twitter (CT) with 50k followers.

The billionaire further said that Tesla would most likely restart accepting Bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the cryptocurrency, adding that Bitcoin mining is “shifting towards” that.

Back in May, Musk said that Tesla would stop accepting Bitcoin for car purchases just less than two months after it first began accepting the leading crypto asset.

“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin.”

“Most likely the answer is that Tesla would resume accepting bitcoin.”

He further said that with “accelerating the advent of sustainable energy,” his company’s mission, they need to do appropriate diligence.

During this just over an hour-long conference, Musk called the government “the biggest corporation of all,” which has “a monopoly on violence.”

While talking about what influenced his views on Bitcoin, Musk said he has “thought about money for quite a while obviously since the PayPal days.”

According to him, with Bitcoin, there's an opportunity for something better from an information theory standpoint.

A prominent bitcoin supporter, the Twitter co-founder and CEO, Jack Dorsey, meanwhile talked about the internet having a chance to have a native currency which to him is Bitcoin “because of the principles, creation story, and resilience. But what inspires me the most, is the community driving it,” which he said reminds him of the early internet.

His bitcoin views were influenced when they were working on Square and “encountered this crazy predatory system that was slow (and) obtuse,” and in 2009, bitcoin showed him a “chance to replace the whole foundation.”

Another big Bitcoin advocate, Cathie Wood of Ark Investment, talked about just how big this could be, for which she pointed to the US monetary base, which is currently $8 trillion.

According to her, Bitcoin is a store of value, a hedge against the confiscation of wealth like inflation, hyperinflation, and deflation.

So, the store of value is a very big role and means of exchange with apps built on top of the bitcoin blockchain: which she thinks “is going to become more of a reality right now.”

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