Earlier this year, Tesla announced its intention to acquire up to $1.5 billion worth of bitcoin. The electric car maker also announced that they were open to accepting the Bitcoin cryptocurrency as a payment method for their cars. However, despite all this publicity that saw the cryptocurrency increase in value, the CEO of the company, Musk, later came forward to backtrack and hindered progress for Bitcoin.
Expressing his dissatisfaction with the crypto for its detrimental effects on the environment, Musk clarified that his company would no longer be accepting the crypto as a payment. However, critics came forward to question the intention of Musk, insisting that his actual intention was to manipulate the market. The criticism also questioned his support for Dogecoin, a crypto that only started as a joke before gaining a significant amount of traction.
Two Tech Giants Together
The attitudes of both CEOs are conflicting when it comes to the most popular cryptocurrency in the world. While Dorsey has only had unrelenting support for Bitcoin since its inception, Elon Musk has often expressed his concern regarding how the cryptocurrency affects the environment. This follows the fact that mining Bitcoin requires huge amounts of energy.
Musk came out to express his concern on the rapid increase in the use of fossil fuels to mine Bitcoin and Bitcoin-related transactions, with a specific focus on coal burning. In his opinion, while the whole concept of cryptocurrency is a value-adding idea and represents a very promising future, Musk believes that we should not let it be at the expense of the environment.
The Ever-Changing Mind of Elon Musk
Musk did not shy away from showing that he maintained an open mind concerning Bitcoin as a cryptocurrency as a show of good faith. To this end, he supported that Tesla would resume accepting Bitcoin as a means of payment when there is confirmation of miners using approximately 50% of clean energy, which would be a good score and a step towards a more positive trend in the coming days.
At the same time, Twitter Inc. CEO, Dorsey, was clear about his intentions to be a committed player in the Bitcoin arena and that he would put all efforts in support for Bitcoin, alongside his commitment to technology companies – Twitter and Square. Furthermore, Dorsey plans to use all the resources at his disposal towards making cryptocurrency accessible to everyone.
The Bitcoin-Focused Initiative
The proposition for “the talk” came from Dorsey, following a humorous reply to his tweet by Musk. The Twitter CEO was scheduled to host an event alongside the Founder and Owner of Ark Investment Management, Cathy Wood, and the discussion-provoking response by Musk only served to inspire an invitation for an open discussion.
The B Word discourse will be hosted by the Crypto Council for Innovation, popularly reputed as a worldwide alliance of the cryptocurrency industry leaders. Dorsey invited the Tesla CEO, who has been spotted on several occasions promoting the cryptocurrency across social media platforms. In his words, Dorsey believes Bitcoin is perfecting open development and should therefore be protected and spread.
In as much as both Musk and Dorsey have hawked cryptocurrency, the Tesla CEO’s passion for Bitcoin has calmed since his company’s reversal on accepting Bitcoin as a mode of payment because of environmental concerns. The two tech entrepreneurs have agreed to hold a public exchange as an educational initiative targeted at spreading the adoption of Bitcoin by promoting the awareness of investors to the cryptocurrency and crypto assets in their entirety.