Musk talks Bitcoin and currency

2024/01/15 18:25

After the U.S. Securities and Exchange Commission approved the Bitcoin ETF, Cathy Wood, the "wooden sister" of Ark Investment Company, launched a project called "Bitcoin ETF" on X Spaces speech space discussion. Elon also briefly joined the chat and expressed his attitude towards Bitcoin.

But Musk's attitude towards Bitcoin has not always been so clear and positive. He once held different views on Bitcoin, and sometimes there were even reversals and contradictions.

This article will review the evolution of Musk’s attitude toward Bitcoin, analyze his impact on Bitcoin, and his outlook for the future of Bitcoin.

2014: Skepticism about Bitcoin

Musk first spoke publicly about Bitcoin in 2014, when he was interviewed by the Wall Street Journal and when asked if he held any Bitcoin, he responded:“I don’t actually own any Bitcoin. ”He also said that he thinks Bitcoin is a “pretty smart” technology, but he expressed doubts about Bitcoin’s security and reliability, saying:“ I don’t know if it will Become a long-term currency, or just a short-term phenomenon, it may be hacked, or banned by governments, or replaced by other cryptocurrencies."

2017: Denying that he is Satoshi Nakamoto

2017 is an important milestone for Bitcoin , this year, the price of Bitcoin exceeded $1,000 for the first time, and then soared to a historical high of nearly $20,000.

This is also the year when the identity of Satoshi Nakamoto, the founder of Bitcoin, became a hot topic. Some people speculated that Satoshi Nakamoto may be a team rather than a People, and some people speculate that Satoshi Nakamoto may be some well-known technology figures, such as Musk. The reason for this speculation is that Musk has a strong technical background, once participated in the founding of PayPal, is interested in cryptocurrency, and his style is similar to Satoshi Nakamoto's paper.

However, Musk quickly denied this claim on Twitter, saying:“I am not Satoshi Nakamoto. I don’t remember Do I ever own Bitcoin? Maybe some friends gave it to me, but I don’t know where."He also joked: "If I were Satoshi Nakamoto, I would exchange the Bitcoin for cash, Then buy some lab equipment.”

2018: Joking support for Dogecoin

In 2018, the price of Bitcoin fell sharply from its high point, once falling below $4,000. This was called the "cryptocurrency winter." Musk didn’t say much about Bitcoin this year,but he began to show interest in another cryptocurrency, Dogecoin.

Dogecoin is a cryptocurrency with a Shiba Inu named "Doge" as its symbol. It was originally born as a currency for pranks and entertainment, but has gradually gained some Loyal fans and community. Musk has joked in support of Dogecoin on Twitter multiple times and was even voted the "CEO of Dogecoin" by Dogecoin fans. Musk also said self-deprecatingly: "Dogecoin may be my favorite cryptocurrency. It is cool and interesting."

2019 Year: Admiring attitude towards Bitcoin

In 2019, Musk’s attitude towards Bitcoin changed, and he began to express his views on Bitcoin Appreciation and admiration. In a podcast interview with tech investment firm ARK, hecalled Bitcoin a “brilliant” technology, saying: “Paper money is disappearing and cryptocurrencies are a better way to transfer value than pieces of paper. way, that’s for sure.”

He also said that Bitcoin’s structure is “pretty smart” and that it solves some basic Trust issues, such as the double-spending problem. He also said that the main disadvantage of Bitcoin is its energy consumption, which requires a lot of computing power to maintain the security of the network, which may have an impact on the environment. He said: "I'm not sure Bitcoin is a good environmental choice."

2021: Ambiguous

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2021 is the most complicated and influential year for Musk’s attitude towards Bitcoin. During this year, Musk’s words and deeds can cause huge fluctuations in Bitcoin. He is both a supporter and critic of Bitcoin.He is both a buyer and a critic of Bitcoin. A seller of Bitcoin, he is both a promoter and a suppressor of Bitcoin.
In January 2021, Musk added the "#bitcoin" tag to his profile on Twitter, triggering a stir in Bitcoin. The wave rises.
In February 2021, Musk announced that Tesla had purchased Bitcoin with $1.5 billion in cash and planned to accept Bitcoin as a payment method for cars in the future. This news caused the price of Bitcoin to soar to new highs.
In March 2021, Musk confirmed on Twitter that Tesla had begun accepting Bitcoin payments and would not exchange the Bitcoins received. into fiat currency, instead keeping it on its balance sheet, a move seen as a vote of confidence and support for Bitcoin.
However, Musk’s attitude underwent a dramatic reversal in May 2021. Musk suddenly announced that Tesla has suspended plans to use Bitcoin to purchase cars due to concerns that Bitcoin mining and transactions will lead to massive consumption of fossil fuels and have a negative impact on the environment.
He also said that Tesla is looking for other greener cryptocurrencies or considering establishing its own cryptocurrency. The news sent the price of Bitcoin plummeting 10% and triggered a bloodbath in the cryptocurrency market.
Musk also had fierce arguments with some Bitcoin advocates and developers, and was even accused of being a "betrayer" and "manipulator." By".
In June 2021, Musk showed some signs of moderation. He said on Twitter that Tesla may reconsider accepting Bitcoin payments if there is a clear green transition in Bitcoin mining energy consumption. He also revealed that in addition to Tesla, he personally and SpaceX also hold Bitcoin and have no plans to sell it.
He also participated in an online event called "Bitcoin Conversation" with Twitter founder Jack Dorsey and Ark Investment Joined by Cathie Wood to discuss Bitcoin’s value and prospects. During this event, Musk expressed a certain amount of appreciation and support for Bitcoin. He said: "I support Bitcoin, and I think Bitcoin has great potential."
He also said that he hopes Bitcoin can succeed and he will work hard for it. He also revealed that in addition to Bitcoin, he also holds Ethereum and Dogecoin, calling Dogecoin an interesting cryptocurrency that has the potential to become a practical currency.
2024: A more open attitude
U.S. Securities After the Exchange Commission approved the Bitcoin ETF, Cathy Wood, the "wooden sister" of Ark Investment Company, launched a Spaces voice space discussion on X called "Bitcoin ETF". Elon also joined briefly to chat for 10 minutes.
Musk said that as a large-scale transaction system, (Bitcoin) is not suitable. The scarcity of it is great, like gold or something like that.
I am open to a Bitcoin ETF. Like I said, of all the things I consider, I give very little thought to a Bitcoin ETF. But I think a lot about monetary systems, and actual exchange operations.
Exchange currency, or currency, is actually just data, information in a database. Money is just information about the distribution of labor, but most people think that money itself is power.
In this regard, he gave an example. A person is exiled to an isolated island. Even if he has a trillion dollars, it will be of no use because there is no labor force. distribute. Only when society has a certain level of complexity and people with different skills does society need an information system to allocate labor and transfer obligations across time.
Musk also said that Tesla and SpaceX did buy some Bitcoin. At Tesla, we are just a little concerned that Bitcoin is too volatileand that Tesla and SpaceX would be better off not holding Bitcoin when working capital is needed. Now, SpaceX still owns the majority of Bitcoin because SpaceX did not anticipate any potential working capital risks.
In addition, he also mentioned that there is a monetary system running on Mars.
He said it might make sense to use some kind of cryptocurrency on Mars. You can't use Bitcoin because the distance is too far. Mars will have a similar currency mechanism in the future. If this problem exists, then civilization has really progressed. Right now, SpaceX doesn't have the ability to send a person to Mars, only some extremely expensive robots.
Summary
The history of the evolution of Musk’s attitude towards Bitcoin , reflects the continuous deepening and changes in his knowledge and understanding of Bitcoin, and also reflects the continuous evolution and changes in the development and challenges of Bitcoin. As a leader in the technology field, Musk's words and actions have a huge impact on Bitcoin. He can not only promote the popularity and improvement of Bitcoin, but also trigger fluctuations and crises in Bitcoin.
Musk’s attitude towards Bitcoin is also a microcosm of the cryptocurrency market. It reflects the innovation and potential of cryptocurrency, and also reflects the Currency Risks and Challenges.
Musk has an expectant yet cautious attitude towards the future of Bitcoin. He once said: "I hope Bitcoin can Success would be good for the world, but we also have to be careful not to let Bitcoin become a destructive force."

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