Elon Musk will attend Jack Dorsey’s B-Word conference for Bitcoin on July 21. The conference to be held may cause a rise in Bitcoin (BTC) price or result in another scenario.
Elon Musk could trigger new bull run
Tesla’s CEO has been quite influential in the crypto market this year. Musk’s influencer marketing is causing price volatility in the crypto market. Especially lastly, Tesla announced that he would not accept Bitcoin as a payment method and that he could change his mind if he reduced the energy consumption of BTC.
Tesla explained that Bitcoin is unsustainable as the reason for taking this decision. BTC is down more than 50% after hitting $65,000 in April. The Bitcoin community is overreacting as it favors Dogecoin over the best crypto. Musk’s recent interest in prank coins has boosted the price of cryptocurrencies like DOGE, Shiba Inu, and Baby DOGE. While Musk is raising the price of prank coins, he also holds the Bitcoin community in mind, saying it may change his mind.
The bickering between Elon Musk and Jack Dorsey started in mid-May, the date Tesla announced that it would not accept BTC payments. Jack Dorsey first tweeted in favor of Bitcoin (BTC). Dorsey, CEO of digital payments company Square, promised that Bitcoin changes “everything” for the better and will make Bitcoin better over time.
Jack also responded to Square CFO Amrita Ahuja’s tweet about the unwavering Bitcoin policy at Square Inc. He reassured Square’s users by promising a greener future through the Bitcoin Clean Energy Initiative.
#bitcoin changes *everything*…for the better.
And we will forever work to make bitcoin better. https://t.co/wssrF2U0P0
— jack (@jack) May 14, 2021
It is thought that the issue that Elon Musk and Dorsey will disagree the most will be Bitcoin mining, that is, the environmental impact of BTC. While criticizing Proof-of-work (PoW)-based Bitcoin mining, Musk also states that it consumes excessive energy. Musk considers Proof-of-Stake (PoS) more appropriate. Dorsey advocates PoW, the decentralized and secure foundation of Bitcoin, despite its high energy consumption. He also said that PoS is relatively centralized and less secure.