Elon Musk, Jack Dorsey talk future of Bitcoin and cryptocurrency
It was a crypto love fest.
Jack and Elon talk shop about Bitcoin.
Tesla CEO Elon Musk and Twitter CEO Jack Dorsey spoke at length Wednesday about the future of Bitcoin , praising the cryptocurrency and its potential to change more than just monetary systems. Of course, Musk also talked about his particular affinity for Dogecoin.
The two tech CEOs were joined by Cathie Wood, the founder and CEO of Ark Invest, for a virtual discussion during The B Word event called Bitcoin as a Tool of Economic Empowerment.
"My hope is that [Bitcoin] creates world peace or helps create world peace," Dorsey said.
Dorsey's payments company, Square, has been his way of entering the cryptocurrency space. He said his first interaction with Bitcoin came in 2008 although he heard about it years before. He added that the Bitcoin community's drive inspires him and reminds him of the early days of the internet. Square recently began work on a hardware dgital wallet to make Bitcoin more mainstream.
Musk has also been a proponent of Bitcoin for some time and confirmed he owned some Bitcoin, Ethereum and Dogecoin and doesn't plan on selling.
"I might pump but I don't dump," Musk said. The Tesla CEO has been accused of promoting Bitcoin and Dogecoin in order to raise their prices only to sell at the higher price, which is referred to as a pump and dump.
Musk also said his other company, SpaceX, owned Bitcoin. Earlier in the year, Tesla invested in Bitcoin before the company began accepting the cryptocurrency as payment. Then in May, Musk changed his mind about accepting such payments, due to the mass amount of power needed for Bitcoin mining.
As for Dogecoin, Musk explained that he viewed the altcoin as entertaining and ironic, as it was made as a joke, but that it could be the leading cryptocurrency.
"The Doge community is irreverent and has great meme, love dogs and I love dogs and memes," Musk said.
Even though the topic of the discussion was Bitcoin, Dorsey did talk a bit about Twitter. Musk asked whether the social media platform would allow companies to buy ads using Bitcoin. The Twitter CEO said the company should be able to, although he's more focused on creating financial incentives for the platform without relying on ads.
Dorsey also brought up that he's continuing work on Bluesky, a decentralized social media project that he said is still in its very early stages.