After the US Securities and Exchange Commission approved the Bitcoin ETF, Cathie Wood of Ark Investment Company launched a Spaces voice space discussion on X called "Bitcoin ETF". Musk also briefly joined the chat and expressed his attitude towards Bitcoin.
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But Musk’s attitude towards Bitcoin has not always been so clear and positive. He once held different views on Bitcoin, and even sometimes had reversals and contradictions.
This article will review the evolution of Musk’s attitude towards Bitcoin, analyze his impact on Bitcoin, and his outlook for the future of Bitcoin.
2014: Skepticism about Bitcoin
Musk first spoke publicly about Bitcoin in 2014, when he was interviewed by the Wall Street Journal. When asked if he held any Bitcoin, he replied: "I don't actually own any Bitcoin." He also Said that he thinks Bitcoin is a "pretty smart" technology, but he has doubts about Bitcoin's security and reliability, saying: "I don't know if it will be a long-term currency or just a temporary currency." As a short-term phenomenon, it may be hacked, banned by the government, or replaced by other cryptocurrencies.”
2017: Denies being Satoshi Nakamoto
2017 was a major milestone for Bitcoin, as the price of Bitcoin surpassed $1,000 for the first time and then soared to an all-time high of nearly $20,000.
This was also the year when the identity of Satoshi Nakamoto, the founder of Bitcoin, became a hot topic, with some speculating that Satoshi Nakamoto might be a team rather than a person, and others speculating that Satoshi might be some well-known technology figure, such as Musk. The reason for this speculation is that Musk has a strong technical background, once participated in the founding of PayPal, is interested in cryptocurrency, and his style is similar to Satoshi Nakamoto's paper.
However, Musk was quick to deny this claim on ." He also joked: "If I were Satoshi Nakamoto, I would exchange Bitcoin for cash and buy some laboratory equipment."
2018: Jokingly backing Dogecoin
In 2018, the price of Bitcoin fell sharply from its highs, once falling below $4,000, which was called the "cryptocurrency winter." Musk didn’t say much about Bitcoin during the year, but he began to show interest in another cryptocurrency, Dogecoin.
Image source: "MarsBit"
Dogecoin is a cryptocurrency whose logo is a Shiba Inu called "Doge". It was originally created as a currency for pranks and entertainment, but has since gradually gained some loyal fans and communities. Musk has jokingly supported Dogecoin on X many times, and was even elected as the "CEO of Dogecoin" by Dogecoin fans. Musk also said self-deprecatingly: "Dogecoin is probably my favorite cryptocurrency. It's cool and interesting."
2019: Admiring Bitcoin
In 2019, Musk's attitude towards Bitcoin changed, and he began to express his appreciation and admiration for Bitcoin. In an interview with technology investment company ARK's Podcast, he called Bitcoin a "really brilliant" technology. He said: "Paper money is disappearing. Cryptocurrency is a better way to transfer value than paper money. This is definitely."
He also said that the structure of Bitcoin is "pretty smart" and it solves some basic trust issues, such as the double-spending problem. He also said that the main disadvantage of Bitcoin is its energy consumption, which requires a lot of computing power to maintain the security of the network, which may have an impact on the environment. "I'm not sure Bitcoin is a good environmental choice," he said.
2021: Ambiguity
2021 is the most complicated and influential year for Musk’s attitude towards Bitcoin. During this year, Musk’s words and deeds can cause huge fluctuations in Bitcoin. He is both a supporter and critic of Bitcoin. He is both a buyer and a seller of Bitcoin. He is both a promoter and a suppressor of Bitcoin.
In January 2021, Musk added the "#bitcoin" tag to his profile on X, triggering a surge in Bitcoin.
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In February 2021, Musk announced that Tesla had purchased Bitcoin with $1.5 billion in cash and planned to accept Bitcoin as payment for its cars in the future, news that sent the price of Bitcoin soaring to new highs.
In March 2021, Musk confirmed on Seen as confidence and support for Bitcoin.
However, Musk's attitude changed dramatically in May 2021. Musk suddenly announced that Tesla had suspended plans to use Bitcoin to purchase cars because of concerns that Bitcoin mining and transactions would lead to massive consumption of fossil fuels and have a negative impact on the environment.
He also said that Tesla is looking for other greener cryptocurrencies or considering establishing its own cryptocurrency. The news sent the price of Bitcoin plunging 10% and sparked a bloodbath in the cryptocurrency market.
Musk has also had heated arguments with some Bitcoin advocates and developers, and has even been accused of being a "betrayer" and "manipulator."
In June 2021, Musk showed some signs of moderation again. He said on X that Tesla may reconsider accepting Bitcoin payments if there is a clear green transition in Bitcoin’s mining energy consumption. He also revealed that in addition to Tesla, he personally and SpaceX also hold Bitcoin and have no plans to sell it.
He also participated in an online event called "Bitcoin Conversation" where he discussed the value and prospects of Bitcoin with Twitter founder Jack Dorsey and Ark Investment's Cathie Wood. At this event, Musk expressed a certain amount of appreciation and support for Bitcoin. He said: "I support Bitcoin, and I think Bitcoin has great potential."
He also said that he hopes Bitcoin can succeed and he will work hard for it. He also revealed that in addition to Bitcoin, he also holds Ethereum and Dogecoin, calling Dogecoin an interesting cryptocurrency that has the potential to become a practical currency.
2024: Be more open-minded
After the US Securities and Exchange Commission approved the Bitcoin ETF, Cathie Wood of Ark Investment Company launched a Spaces voice space discussion on X called "Bitcoin ETF". Musk also joined briefly to chat for 10 minutes.
Image source: "MarsBit"
Musk said that as a large-volume transaction system, (Bitcoin) is not suitable. The scarcity of it is great, like gold or something like that.
I'm open to using a Bitcoin ETF. Like I said, of all the things I consider, I give very little thought to a Bitcoin ETF. But I think a lot about the monetary system, the actual exchange operations.
Exchange currency, or currency, is really just data, information in a database. Money is just a message about the distribution of labor, but most people think that money itself is power.
In this regard, he gave an example of a person being exiled to an isolated island. Even if he has a trillion dollars, it will be of no use because there is no labor to distribute. Only when society has a certain level of complexity and people with different skills does society need an information system to allocate labor and transfer obligations across time.
Musk also said that Tesla and SpaceX did buy some Bitcoin. At Tesla, we're just a little concerned that Bitcoin is too volatile and that Tesla and SpaceX would be better off not holding Bitcoin if they need working capital. Today, SpaceX still owns the majority of Bitcoin because SpaceX did not anticipate any potential working capital risks.
In addition, he also mentioned that a monetary system operates on Mars.
He said it might make sense to use some kind of cryptocurrency on Mars. You can't use Bitcoin because the distance is too far. Mars will have a similar currency mechanism in the future. If this problem exists, then civilization has really progressed. Right now, SpaceX doesn’t have the capability to send a human to Mars, just some extremely expensive robots.
Summarize
The history of the evolution of Musk’s attitude towards Bitcoin reflects the continuous deepening and changes in his knowledge and understanding of Bitcoin, as well as the continuous evolution and changes in the development and challenges of Bitcoin. As a leader in the technology field, Musk's words and actions have a huge impact on Bitcoin. He can not only promote the popularity and improvement of Bitcoin, but also trigger fluctuations and crises in Bitcoin.
Musk’s attitude towards Bitcoin is also a microcosm of the cryptocurrency market. It reflects the innovation and potential of cryptocurrency, as well as the risks and challenges of cryptocurrency.
Musk has an expectant yet cautious attitude towards the future of Bitcoin. He once said: "I hope Bitcoin can succeed, which will be good for the world, but we must also be careful not to let Bitcoin become a Destructive power."
Disclaimer: This article does not constitute investment advice. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances, and abide by the relevant laws and regulations of the country and region where they are located.
This article is reprinted with permission from: "MarsBit"
Original author: Mlixy
Original source: W3C DAO
