Elon Musk to educate institutional investors about ‘The ₿ Word'

  • Elon Musk to tell institutions how they can embrace Bitcoin with Cathie Wood and Jack Dorsey on the ‘₿ word’ initiative.
  • Musk’s tweets have moved cryptocurrency prices in the past, his end game likely not to disappoint.
  • Cathie Wood of ARK Invest explained their interest in Bitcoin and DeFi.

Tesla CEO Elon Musk is set to raise awareness and share his thoughts on mainstream Bitcoin narratives and institutional investment. 

Elon Musk’s endgame is likely bullish for Bitcoin

Ahead of the technology billionaires’ appearance on 'The ₿ Word', Elon Musk continues sharing memes with his 57.9 million Twitter followers. Since March, when Musk announced that Tesla accepts Bitcoin, a series of events were set in motion that had an impact on the price of Bitcoin, Dogecoin, Baby Doge, and Shiba Inu among others. 

It is likely that Musk has an endgame here since some of his tweets have contradicted others and left his followers confused. It is challenging to decipher his plan for Tesla and Bitcoin, however, based on his tweets, it is highly likely that the electric vehicle company has plans for renewable Bitcoin mining, using solar energy. 

After announcing that Tesla has started accepting Bitcoin payments, the company had a complete reversal in policy. Musk cited environmental concerns as the reason for this change. However, this is contradictory since he informed his followers that Tesla owns and operates Bitcoin nodes directly. 

Bullish or not, Musk has remained interested enough in cryptocurrencies to comment on them.

It’s interesting that Ark Invest, Tesla’s largest shareholder (about 10%), has consistently shared interesting insights on Bitcoin, DeFi, and cryptocurrencies in general. The investment firm recently published an article demonstrating research on solar battery Bitcoin mining. The study seems to hint at a Bitcoin use case for Tesla regarding energy provision and efficiency. 

The results of the research have been promising and Ark argues that BTC mining can increase the overall share of a grid and generate more electricity from renewable resources. 

Tesla fits in the picture since over 13 US states require auto manufacturers to sell a minimum amount of zero-emission vehicles to be allowed to sell any vehicles in their state. Tesla earned $428 million (7% of their revenue) last year, from the sale of environmental credits. It is highly likely that Tesla may monetize Bitcoin mining through renewable energy. 

If Tesla routes the excess power from the solar panels, roofs, and batteries that they offer into Bitcoin mining, they could monetize it. This move might have a bullish impact on Bitcoin price, which is currently under sell pressure in an uneventful market. 

Cathie Wood, ARK CEO/CIO, said:

As you know, if Bitcoin’s price is taken on a trend basis, the number has still tripled since last September, despite being cut in half, it has tripled, if the price continues to move up, what does that mean, that means increased purchasing power, which is what deflation is so very consistent with our view of the world.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.