The B Word conference, perhaps The most important event of 2021 in The cryptocurrency industry, took place in The early hours of July 21 (Beijing time), with Tesla CEO Elon Musk, Twitter CEO Jack Dorsey, And bitcoin heavyweights like Kathy Wood, founder of Ark Invest.
The convention at the timing is right, the ignition is similar to A shares of the capital retail investors to follow, the currency by these well-known institutions enterprise investment and trading on the height of the global commodity all look, now already rejected COINS exactly what it's like to be in the future, their point of view is very important for the secondary market.
And the Elons, it seems, didn't disappoint. It was a Bitcoin pledge meeting to instill confidence in a bear market.
At The B Word, Musk, who is expected to be high on The list, once again offered good news: not only Tesla, but SpaceX, The company he founded, also owns bitcoin. "I personally own Bitcoin, Ethereum and Dogecoin. SpaceX and Tesla also own Bitcoin." This is the first time SpaceX has disclosed that it owns bitcoin.
Mr Musk said supporting Bitcoin would improve the quality of how we manage economic information. "I'm in favor of Bitcoin in general. Bitcoin could become the native currency of the Internet." Kathy Wood has a similar view: "Bitcoin doesn't need a financial intermediary, but the transfer is something that anyone can confirm."
In April, Musk tweeted that Tesla had already sold some of its bitcoin holdings. The deal generated a net gain of about $272 million for Tesla. While he has never disclosed how many crypto assets he owns, he has said that even his 1-year-old son owns some Dogecoin.
As a result of his high-profile "Shouting order" words and deeds, the public opinion is filled with a lot of accusations that Musk manipulates the market for profit. "If the price of bitcoin goes down, I will lose money," he told the camera. "I might buy it, but I won't sell it. I would never try to drive the price up and then sell it."
He said the only three "most meaningful" assets he owns, aside from his shares in SpaceX and Tesla, are BTC, DOGE, and ETH. "Neither Tesla nor I have sold bitcoin, even after Tesla announced it would stop bitcoin payments," he said. He went so far as to say that Tesla would most likely resume accepting bitcoin as a form of payment.
Musk also admitted that he owns "a lot more" bitcoin than Dogecoin or Ether. "The ultimate irony is that the cryptocurrency that started as a joke to make fun of cryptocurrencies ended up as the leading cryptocurrency." Musk also revealed that SpaceX's Starlink terminal might run bitcoin nodes in the future. "I have proposed putting a Bitcoin node in the SpaceX Starlink terminal as a way to get more people running Bitcoin."
Musk said SpaceX has a "big role" to play in the vision of bitcoin's future, but he did not elaborate further on how SpaceX is driving that vision.
"I want to see bitcoin succeed." Musk said.
Tesla has previously accepted bitcoin as a form of payment. In May, Musk canceled the move. Subsequently, the price of bitcoin fell below $40,000 for the first time since February. His explanation is that the carbon footprint of Bitcoin mining, which consumes electricity, is not environmentally friendly. At the time, Bitcoin was in the middle of a public debate over its carbon footprint. This issue is also the focus of the conference.
At the conference, Musk reiterated this point: "There's too much use of cryptocurrencies -- and Bitcoin in particular -- of PoW, and that's not necessarily good for cryptocurrencies. You need to be aware of one thing: the environment." Twitter founder Jack Dorsey and Elon Musk sparred over consensus mechanisms and energy consumption. Musk has criticized PoW for its energy issues and is more in favor of PoS. Dorsey is a strong defender of PoW, arguing that PoS is relatively centralized and less secure.
"It looks like bitcoin is moving more toward renewable energy." Musk noted that hydroelectric, geothermal and nuclear energy could all be good sources of energy for bitcoin mining. While positive trends have emerged, people need to be patient with Bitcoin. "It is impossible to increase the use of green energy by one to three times in such a short period of time."
"I would like to do more due diligence to confirm that the use of renewable energy is at or above 50 percent, and that this number has a tendency to increase. If this is the case, Tesla will most likely resume accepting bitcoin."
Nick Carter is a general partner at Castle Island Ventures, a venture capital firm based in Cambridge, Massachusetts, that invests in startups in the public blockchain industry. He was also a guest speaker at the conference to explain why Bitcoin's energy problems don't matter. According to him, Bitcoin currently consumes only 0.26 percent of the world's electricity and 0.11 percent of all energy. And 39 percent of the energy used in mining is renewable. The payoff from these costs is huge.
"As a neutral global currency network, Bitcoin has a valid claim to some social resources." According to Nick, bitcoin's energy consumption is not without value. "This distributed ledger processes $10 to $20 billion a day, stores $600 billion in wealth, and can distribute synthetic goods around the world fairly and without intermediation."
Kathy Wood, founder of Ark Invest, takes a similar view, saying, "Bitcoin is the solution to inflation. I'm sure it's going to be greener than gold mining or traditional financial services. In many ways, it already is."
Since Chinese miners began migrating in May, the United States has become the world's second most powerful country in Bitcoin computing power, according to a study by Cambridge University. The changing geographical distribution of mining will greatly reduce the carbon footprint of cryptocurrencies. By the end of 2022, the US is expected to account for 40 per cent of global computing power.
The United States has the world's abundant energy resources, most of which are renewable. Whit Gibbs, CEO of Compass, has estimated that more than 50 percent of bitcoin mining in the United States could be powered by renewable energy.
"Renewable energy will be the cheapest energy in the long run, but it's not going to happen overnight," Musk said. "But as long as there is a firm and genuine effort by the mining community to shift to renewables, then clearly Tesla will support that."
Casey Wood, founder and CEO of Ark Invest, a well-known bitcoin supporter, followed up his bullish comments on the live stream. "When I first read the white paper on Bitcoin, I realized that Bitcoin was a very big idea." He and other panelists discussed the importance of bitcoin as an inflation hedge. "There are a lot of emerging markets that are suffering from severe inflation -- in other words, the purchasing power of these populations is declining. So they are keeping their purchasing power by moving money into bitcoin."
And the same goes for organizations. Wood said companies should consider adding bitcoin to their balance sheets and that having it on corporate balance sheets is "very useful."
While there are already a number of institutional holdings, it's not a friendly environment for institutional holdings. Under current accounting rules, when the price of bitcoin falls, institutions must book a loss on the portion that falls. In contrast, the gains from bitcoin's rise are only recognized when it is sold.
Wood suggested that "the Financial Accounting Standards Board should reconsider how it classifies bitcoin, and classifying it as an intangible asset could help address this issue." The prospect of a change in classification would be a boon for cryptocurrencies. "Think about how explosive that growth would be," he said.
"It seems to me that we should take the actions that are most likely to make the future better, and Bitcoin is the ones that are most likely to make the future better." "Musk said on the live stream. He also expressed dissatisfaction with his bank account. "Tesla deposits in European banks have negative interest rates, which means you pay the bank to keep your money. It's crazy!" Bits, he thinks, can allow people to actually own their property. "People must have their own private keys and not rely on banks or private companies."
Dorsey took a similar view. "There are a lot of problems with U.S. monetary policy, but Bitcoin could change all that. It takes assets out of the hands of third parties, and it allows you to actually own your assets." Musk also expressed optimism about Bitcoin's monetary nature. "Bitcoin by itself can't be a world currency at the base level, but it could be a second level, depending on how it's implemented," he said. Musk on Bitcoin."
"Bitcoin is resilient," Mr. Dorsey said.
He points out that there are a lot of monopolies out there, and Bitcoin could help improve that environment. "But it will take some time." Dorsey has long been a proponent of bitcoin, with the Twitter CEO's profile emblazoned with the hashtag # Bitcoin. The reason for his enthusiasm, he said in the live stream, was the Bitcoin community. "What inspires me the most is that the community is driving the growth of Bitcoin, which reminds me of the early days of the Internet."
Musk also asked him an interesting question: Would Twitter consider accepting cryptocurrency to pay for advertising? "No doubt about it," Dorsey said. He points out that if encryption had existed at the dawn of the Internet, the advertiser model might not have been so prevalent in social media.
"That's what drives me in this business -- I've learned so much from the people who are building it." "Dorsey said. "There are monopolies and the erosion of the individual. What I want is to create world peace." "Everything we create for Bitcoin, from the hardware to the software, will be open source and completely transparent," he said.
There's no question that all three of the heavyweight panelists in this discussion are passionate about Bitcoin, and all of them believe that Bitcoin will profoundly improve our economic system and create a friendlier financial system.
"I hope it creates world peace." "Dorsey said.
律动 BlockBeats 提醒，根据银保监会等五部门于 2018 年 8 月发布《关于防范以「虚拟货币」「区块链」名义进行非法集资的风险提示》的文件，请广大公众理性看待区块链，不要盲目相信天花乱坠的承诺，树立正确的货币观念和投资理念，切实提高风险意识；对发现的违法犯罪线索，可积极向有关部门举报反映。