The event, B Word, to demystify Bitcoin (BTC-USD), resumes with Elon Musk’s star panel, Square’s Jack Dorsey and Cathie Wood of ARK Investment.
Here are the highlights from the B word- live event.
Wood was drawn to Bitcoin and crypto-monetary activity in general, she said, our focus on disruptive innovation.
Money as a system of information is Musk’s bitcoin look.
It increases our economic management’s information quality, he noted.
I favour bitcoin on balance. On balance. We have to see how bitcoin uses electricity, as he has indicated before.
He declares Bitcoin the leading candidate to the native money of the internet.
Except when looking at developing countries, such as Nigeria, Dorsey added, existing money systems are not relevant in the world.
Wood: The limit of Bitcoin 21M is always a store of value for its principal application. All the time will go up with purchasing power.
She also regards BTC as a deflation hedge.
Having sound money separate from the state is very powerful, Dorsey adds.
Ethereum’s price reached its peak after Musk’s remark.
Musk said outside of Tesla (TSLA-1.0%) and SpaceEx (SPACE) stock, his only other holdings are BTC, ethereum (ETH-USD), and dogecoin (DOGE-USD). And he’d lose money if bitcoin declines. And this comment had quite the impact.Following the mention of Musk, Ethereum, which had been surging already the day, reached its peak. There seems to be a positive trend in addressing Bitcoin’s energy use was more than 12 percent and near the highs of the day, added Musk. Looks like Bitcoin are much more migrating to green energy.
He added, he refers to himself, Tesla, and SpaceX We are not sales of Bitcoin.
Tesla’s probably going to resume taking bitcoin payments, he said.
He wants to do a little more care with Bitcoin’s current use of renewable energy, Musk remarked.
Dorsey stresses that bitcoin stimulates energy space innovation. Imagine all the unneeded energy squandered every day… How can we repeat what is now being dumped and wasted on the ground? How can we achieve this on a scale?
There’s a big trend in the institutional world to encompass ESG, especially, said Wood, adding bitcoin’s social and allows worldwide friction-free access to payment technology This would aid countries, such as El Salvador and Tonga, who are subject to remittances in particular. Social accountability.
ARK has stood for two things — democratization and transparency… we have bitcoin’s DNA from that point of view, Wood states. One of ARK’s missions is to educate.
Dorsey sees its function as an incentive to further decentralisation. My main concentration currently is on the social media protocol, decentralised, he stated.
Musk asks Dorsey whether he will allow Twitter advertisers to pay in bitcoin. Dorsey replies that the economic incentives he wishes to create would prevent the model from relying so much on advertising.
While the network of bitcoins is superbly protocol-designed, it may be complex for the common user, that’s where better access via wallets is needed. Dorsey stated.
Convergence of technology for blockchain, and artificial intelligence for the change of the world that we cannot envisage right now….