Just months ago, one would be reasonable to believe Elon Musk had lost credibility in the cryptocurrency market for “spreading misinformation about Bitcoin” and possibly “manipulating the price of Bitcoin” for his own benefit. But thanks to Twitter’s Jack Dorsey inviting the Billionaire to the “B-Word” conference, the community has been made aware that Musk is in fact fan of Bitcoin.
Musk is clearly paying close attention to Bitcoin
Not only does Tesla hold Bitcoin as we now know, but Bitcoin might also be going to the moon with DogeCoin as SpaceX secured some Bitcoins too. The crypto community has also been having a field day trying to figure out how much Bitcoin Musk accumulated for himself after his revelation that he was a holder.
Certainly, sentiments about where the electric vehicle company founder stands with Bitcoin have been cleared. However, the former claims of Musk being misinformed about Bitcoin may still hold some water.
During the session centered around “demystifying Bitcoin,” Musk made some comments that have forced the Bitcoin community to believe that Musk is yet to fully understand the entirety of Bitcoin.
Seemingly uninformed about Bitcoin
Addressing Musk’s Claims that Bitcoin has not been upgraded since 2009, one user with the handle “BradMillscan” expressed disappointment in Dorsey’s failure to educate Musk on the different upgrades Bitcoin has had since that time.
“I can’t believe they let Elon claim that Bitcoin hasn’t upgraded since 2009, that keeping the blocks small makes no sense and that node running is not an important factor to architect around. Why didn’t Jack or Cathy push back on this?It was the perfect opportunity to educate.” He lamented.
Meanwhile, it is interesting to see Musk acknowledge that “Bitcoin is shifting heavily towards renewable energy use,” despite proponents clarifying a long time ago that Bitcoin is powered by renewable energy to a large extent.
Back in June, the CEO of non-profit Energy Web revealed that most estimates find 20% to 50% of bitcoin is powered by renewable energy, although according to CNBC, the data is self-reported and unverifiable as such.
However, previous days have estimated that Bitcoin uses as much as 59% worth of renewable energy, hence Musk implying that Bitcoin is only just leaning towards renewable energy is inaccurate.
Regardless of the mixed sentiments, it is still a big win for the community to see the Billionaire stand by Bitcoin and maintain his stance to not sell any of his and his companies holdings. However, another big win will be Musk finally understanding the underworkings of Bitcoin, to fully solidify his support for the asset.