Elon Musk, the CEO of Tesla and SpaceX, once again made the news during his recent attendance of The B Word — a popular conference about Bitcoin. While speaking at the conference (conference video below), Musk stated that Tesla could play a major role in the future of Bitcoin, specifically — he believes that Tesla could help Bitcoin transition to clean energy.
Tesla could help Bitcoin transition to renewable energy
Musk spoke at The B Word conference this Wednesday, July 21st. The conference is popular in the cryptocurrency industry, and it focuses on Bitcoin, as well as other digital currencies. During the panel, Steve Lee — Square Crypto lead — inquired what might be the solution for the energy-intensive Bitcoin industry. Specifically, he wanted to know what can be done to speed up Bitcoin’s shift to renewable, clean energy.
Then, Lee asked the crucial question — whether or not Tesla itself could play some role in this transition?
Musk surprised the crypto fans by saying that he thinks that Tesla could play a role. He implied that Tesla’s entire reason or existence was to help the entire world transition to clean energy, and that includes Bitcoin in Musk’s eyes.
Musk did not elaborate much on the idea, as he had a reflective moment immediately after making these statements, looking back at Tesla’s growth and development, but also on many challenges and issues that he had to go through because of this particular company. In fact, he stated that he had “some pretty tough life experiences, and Tesla’s probably responsible for two-thirds of all personal and professional pain combined.”
Musk is not done with Bitcoin
As many likely remember, Musk announced early in 2021 that Tesla will start accepting Bitcoin payments for its electric cars. However, a few months later, he announced that the company has decided to stop accepting these payments due to Bitcoin not being environmentally friendly. By saying this, he referred to Bitcoin mining — the process of releasing new Bitcoin into circulation.
Mining BTC requires large quantities of various resources, including expensive mining gear, massive amounts of electricity, computing power, and alike. However, given his recent statement, it would seem that Musk and Tesla are not finished with Bitcoin, despite discontinuing BTC payments.
It is also worth noting that Musk mentioned that he personally holds BTC, ETH and DOGE, the bulk of which is BTC. SpaceX also holds BTC.