Let the games begin! The battle of the billionaire CEOs has a time and a place. In the blue corner, the Bitcoin maximalist, Jack Dorsey, Square and Twitter’s CEO. In the red corner, Bitcoin critic and Doge promoter, Elon Musk, Tesla and Space X’s CEO. They promise to have “THE talk,” as part of “The B Word” summit on July 21st.
Related Reading | Jack Dorsey: Square Has Plans To Create A Bitcoin Hardware Wallet
It all happened over at Twitter. Dorsey announced the event, Elon responded with a lame joke, and Dorsey showed his business initiative and invited him to have a discussion on stage. “Let’s you and I have a conversation at the event. You can share all your curiosities…” Musk laughed it off at first, but Dorsey insisted. In the end, Musk confirmed, “Very well then, let’s do it.”
Done! Will set up 🙏🏼
— jack (@jack) June 25, 2021
One of the speakers, ARK Invest’s Cathie Wood, is delighted with the news.
Looking forward to the discussion.
— Cathie Wood (@CathieDWood) June 25, 2021
This is interesting because ARK Invest has a huge position on Tesla and authored a paper on Bitcoin’s green energy mining with Square.
What Can You Tell Us About Jack Dorsey ’s The B Word Sumit?
As you can expect, Bitcoinist already covered the event’s announcement. About it, we said:
From founding CEO’s to former high level government employee’s, there are many interesting perspectives and insights to be gained from the speakers who will be featured at The B Word. Here are the listed speakers so far:
Cathie Wood: Founder, CEO and CIO of ARK Invest
Jack Dorsey: CEO of Twitter & Square, Inc.
Adam Back: Co-Founder and CEO of Blockstream
Michael Morell: Senior Counselor of Beacon Global Strategies, Former Acting and Deputy Director of the Central Intelligence Agency, and
John Newbery: Director of Brink
On the event’s website, they describe the summit as:
The B Word is a Bitcoin focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can and should embrace it, and raise awareness around areas of the network that need support.
So, it’s an event for organizations, institutional players, and investors. As Bitcoin’s mainstream adoption advances, the bigger interested parties need guidance and credible information. The B Word will offer “a live experience and a library of content to the investor community, enabling a more informed discussion about the role Bitcoin can serve for institutions across the globe.”
Jack Dorsey’s views on Bitcoin
Square’s mastermind made an appearance at the Bitcoin 2021 conference in Miami, and said about the asset, “All of the other coins, for me, don’t factor in at all.” So, he’s all in on Bitcoin. He also claimed, “Miners have to make a profit and getting cheap renewable energy maximizes their profit.”
As we said, Square and ARK Investment:
… produced a concise whitepaper titled “Bitcoin is Key to an Abundant, Clean Energy Future,” that concludes:
“Our model demonstrates that integrated bitcoin mining could transfigure intermittent power resources into baseload-capable generation stations. It suggests that the addition of Bitcoin mining into power developers’ toolboxes should increase the overall addressable market for renewable and intermittent power sources. All else equal, with bitcoin mining, renewable energy could provision a large percentage of any locality’s power economically.”
BTC price chart on Bittrex | Source: BTC/USD on TradingView.com
Elon Musk’s views on Bitcoin
We at Bitcoinist covered this story from all possible angles. Musk seemed to be all-in on Bitcoin, as Tesla bought more than $1B worth of Bitcoin and added it to the company’s balance sheet. Then, he changed his mind. Over environmental concerns, of all causes. His tweet about it sent Bitcoin’s price in a downward spiral, and the top cryptocurrency hasn’t recovered since. And after that, Musk doubled down:
Musk also included a chart outlining the wild increase in Bitcoin energy consumption as of late, which he uses to back up his case as to why Tesla has stopped accepting BTC. Interestingly, Elon Musk has chosen to also double down on the company’s commitment to holding BTC, which would appear to be counter to the commerce strategy.
Then, Michael Saylor invited him to a controversial meeting with North American miners. About it, Musk said, “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so.” And Saylor reinforced the narrative, “This weekend, some Bitcoin miners came together to talk about the energy challenges we face, both real & imagined, and work on solutions together for the good of the entire industry.”
Related Reading | China’s Sichuan Asks Bitcoin Miners To Shutdown Operations
However, the question remains: What will the Dogefather have to say in a Bitcoin-only event? We’ll have to wait and see.
Featured Image from The B Word's website | Charts by TradingView