Bitcoin gains after Musk, Wood, and Dorsey spruik the crypto

The three crypto fanatics discussed renewable energy, ESG measures, and Space X’s bitcoin holdings.

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Graphic of man on rocket holding bitcoin rising

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The bitcoin (CRYPTO: BTC) price is rebounding after Elon Musk, Cathie Wood, and Jack Dorsey appeared on a virtual panel discussing the coin overnight. Bitcoin’s value has gained 6.89% over the last 24 hours. A single bitcoin is currently going for $43,430.41.

The gain will undoubtedly see many of the crypto’s fanatics breathing a sigh of relief. Particularly as the price of bitcoin fell below US$30,000 ($41,021.16) yesterday.

The conference, titled The B Word and hosted by the Crypto Council for Innovation, has seemingly spurred another boost to the cryptocurrency.

Musk is CEO of Telsa Inc (NASDAQ: TSLA) and Space X, Wood is the CEO of Ark Invest, and Dorsey is the CEO of Square Inc (NYSE: SQ) and Twitter Inc (NYSE: TWTR).

Let’s take a look at what was discussed.

Bitcoin is Musk’s largest crypto holding

The price of bitcoin is rallying after Musk said he’s more invested in bitcoin than other cryptos and Tesla will “most likely” start accepting the coin as payment again.

On last night’s panel, Musk announced bitcoin makes up the majority of his personal crypto holdings. He also holds some ethereum, and some dogecoin, while Space X and Tesla only own bitcoin. He said:

If the price of bitcoin goes down, I lose money. I might pump but I definitely don’t dump.

Musk sent the price of bitcoin plummeting in May when he announced Tesla would stop accepting the crypto due to environmental concerns.

However, last night he said if 50% of the power used in mining the crypto came from renewables, Telsa would “most likely” accept it as payment again.

Musk said:

Tesla’s mission is accelerating the advent of sustainable energy. We can’t be the company that does that and also not do appropriate diligence on the energy usage of bitcoin…

So long as there is a conscious and determined real effort by the mining community to move towards renewables, then obviously Tesla can support that.

Dorsey also spoke of his beliefs surrounding the crypto and renewable energy, saying:

Just imagine all the unused (renewable) energy that is just being wasted every single day, and being able to get that energy and convert it into a secure, sound money system for the planet. Feels like a worthy trade off.  

Wood also touted the crypto, saying companies should consider adding it to their holdings to protect from deflation. She also said bitcoin is supportive of environmental, social, and governance (ESG) measures.

Readers can watch The B Word here.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin, Square, Tesla, and Twitter. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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