The B Word conference on crypto featuring; Elon Musk, Cathie Wood, Jack Dorsey
During The B Word conference on cryptocurrencies on Wednesday, Tesla CEO Elon Musk said he supports Bitcoin adding that the crypto is a “candidate” for a means that could “in general” improve the economy.
Musk noted out that there are downsides that need to be ironed out with the world’s largest cryptocurrency, singling out the proof-of-work aspect and the allegedly high energy expenditure tied to the crypto mining.
He further said that the energy use is “a bit too much and not necessarily good for the environment.”
Elon Musk revealed that he owns Bitcoin, Ethereum, and Dogecoin. He pointed out that he wants to see the price of Bitcoin go up, noting that he loses “money if the price of Bitcoin drops.”
“I might pump, but I don’t dump,”
Elon Musk.
Musk reiterated that neither Tesla Inc. nor SpaceX will sell the Bitcoin they currently hold.
According to Elon, Tesla “is most likely” to again start accepting Bitcoin as a means of payment in the future, but warned he “wants to do a little bit more” to uphold the production of renewable energy.
Cathie Wood on Bitcoin
Ark Invest CEO Catherine Wood praised the way that Bitcoin ranks in regard to the Environmental, Social, and Corporate Governance (ESG) metrics.
During the online debate, Wood stated that the world’s largest cryptocurrency does well against all three aspects of the ESG system, noting that the social and corporate governance improvements brought by Bitcoin often “get overlooked.”
Mastercard enhances card program for crypto wallets
Mastercard announced on Tuesday it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency.
The company will be working with Evolve Bank & Trust and Paxos Trust Company, the leading blockchain infrastructure and regulated stablecoin issuance platform, and Circle, a global financial technology firm and the principal operator of the USD Coin (USDC), a dollar digital currency or stablecoin, Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.
