Elon Musk Joins Jack Dorsey and Cathie Wood for Online BTC Chat

Not long ago, cryptocurrency was pushed by an event that took place online. The event saw three major bitcoin bulls – Elon Musk, Jack Dorsey, and Cathie Wood – chatting online in an open forum to discuss the future of the world’s number one digital currency.

Elon Musk Has a Lot to Say About BTC

Just hours after the meeting took place, bitcoin saw its price bouncing back above $32,000 per unit, up $2,000 from where it had been just a couple days ago. While the move doesn’t seem like much, many analysts are just happy that the currency has had a moment of getting back on track.

In the meeting, Musk confirmed what many people have been thinking – that it is not just Tesla that has added bitcoin to its roster of assets in the past year. Rather, SpaceX is an owner of BTC as well. He said:

Bitcoin by itself simply cannot scale to become the monetary system for the world at base layer. There may be some merit in combining something like Ethereum and Dogecoin… I might pump, but I don’t dump. I don’t believe in getting the price high then selling [and] I would like to see bitcoin succeed.

While bitcoin has ultimately made a move, it is not the giant jump that a lot of crypto heads were hoping for. Nevertheless, Musk has commented that he is now opening the door for Tesla to show crypto support again in the future. He stated:

There’s some merit in considering something that has a higher max transaction rate and lower transaction cost and seeing how far you can take a single-layer network with exchanges acting as a de facto second layer. I think you could take that further than people realize and as bandwidth increases over time, latency decreases… SpaceX and Starlink are playing a role in this, and long-term people will have worldwide access to gigabit-level connectivity at low latency and low cost. So, then your base layer could do a lot of transactions if you take that into account.

Starlink is a new project brought about by SpaceX. As a satellite internet network, the project boasts more than 70,000 users across 12 countries and is designed to “fill geographic gaps” between regions by providing cell phone coverage and ground-based internet connections.

Could Doge Become the Ultimate Crypto?

Musk said:

If someone else doesn’t do it then Starlink certainly will. I have high confidence you will be able to maintain a decent finance system while still having a much bigger blockchain. You can make a hash ledger bigger without suffering from decentralization as average connectivity improves.

Last month, Musk tweeted that he agreed with Vitalik Buterin – the co-creator of Ethereum – who stated that Dogecoin could ultimately be upgraded and even tied to Ethereum to “beat bitcoin hands down.”

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