Elon Musk & Cathie Wood – Why Bitcoin Will DOMINATE In 2024

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Just this week, ARK Invest CEO & Founder Cathie Wood hosted an interview with Elon Musk on twitter.

Within the interview, Cathie asked Elon a variety of questions, including what he thinks 2024 holds, the future of Artificial Intelligence and finally his latest thoughts on Bitcoin.

Elon Musk, through Tesla followed in the footsteps of Michael Saylor in 2021 buy buying $1.5 Billion dollars worth of the digital currencyTesla then sold 75% of their Bitcoin in 2022 at a loss.

They now hold just under 10,000 bitcoin, worth roughly 425 Million dollars. Ironically, if they had held their entire stash until now, they would be back in a profit.

Since selling, Elon Musk hasn’t spoken much about bitcoin or crypto until now.

Make sure to stick around to the end of the video where Elon also speaks on his plans to turn twitter into a financial payments app. In which he will undoubtedly somehow incorporate his favourite cryptocurrency, Dogecoin into the app.

About Elon Musk:

Elon Reeve Musk is a businessman and investor. He is the wealthiest person in the world, with an estimated net worth of US$222 billion as of December 2023, according to the Bloomberg Billionaires Index, and $244 billion according to Forbes, primarily from his ownership stakes in Tesla and SpaceX.

About Cathie Wood:

Elon Reeve Musk is a businessman and investor. He is the wealthiest person in the world, with an estimated net worth of US$222 billion as of December 2023, according to the Bloomberg Billionaires Index, and $244 billion according to Forbes, primarily from his ownership stakes in Tesla and SpaceX.

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Elon Musk & Cathie Wood – Why Bitcoin Will DOMINATE In 2024

I’ love to talk about uh Bitcoin and and your your view of crypto assets and then maybe back into um kind of tying things up uh uh with convergences among Technologies you mentioned that a little earlier uh Elon and the impact ultimately of all of this on economic

Growth longer term you know the surprises that might come from there but first first Bitcoin just this week aest CEO and founder Kathy Wood hosted an interview with Elon Musk on Twitter within the interview Kathy asked Elon a variety of questions including what he thinks 2024 holds the future of

Artificial intelligence and finally his latest thoughts on bitcoin Elon Musk through Tesla followed in the footsteps of Michael sailor in 2021 by buying $1.5 billion worth of bitcoin Tesla then sold 75% of their Bitcoin in 2022 to at a loss they now hold just under 10,000 Bitcoin worth

Roughly $425 million ironically if they had held their entire stash until now they would be back in a profit since selling Elon Musk hasn’t spoken much about Bitcoin or crypto until now make sure to stick around to the end of the video where Elon also speaks on his

Plans to turn Twitter into a financial payments app in which he will undoubtedly somehow incorporate his favorite cryptocurrency Doge coin into the app also guys only a small percentage of my viewers are actually subscribed if you enjoy Finance content consider subscribing or liking the video it’s free and you can always change your

Mind when we first um when you put it uh or Tesla put it on on its uh balance sheet there was I I remember uh afterwards there was this backlash uh in terms of its economic impact uh all of the energy usage and so forth and then

And then as part of the the seminar that we did that you participated in Elon we we basically we and block had come up with this um notion that wait you put uh Bitcoin mining into a utility ecosystem uh so that you know if uh if

There’s a storage unit and you know the the intermittent energy you know the storage unit full sun is still shining the Excess power goes over to bitcoin and uh and you can mint Bitcoin and overbuild solar and wind and Renewables and all of that so so that that

Um that argument against Bitcoin and Larry think himself used it uh quite vifer for a long time until until recently um that that is going away what do you think think about uh bitcoin’s um potential impact on the financial system the monetary uh monetary system Financial Services

Generally well I have to say I I don’t spend a lot of time thinking about cryptocurrency um hardly any hardly any at all um I I have thought for a long time about money and the you know the nature of money what is money yes um and you know

It’s really a database for resource allocation is the way to think about money my view um so um now fiat currency is actually fine um as a database for resource allocation um if you have a predictable money supply and it’s it it doesn’t um you know it doesn’t get

Inflated or deflated too much if it’s rules based rules based if it’s rules based and then and and then and provided government does not uh too much abuse their privilege to create more money um you know some amount of of abuse is like almost is guaranteed to happen but it but you know

Didn’t go too far um so uh you know the the Temptation over the ages to debase money is I it goes back to probably the ancient Sumerians you know as soon as they went at the point which money was invented in any form with including in Gold um the there was

Those the the unavoidable temptation to Devas money supply um so so then you think of any given money system again I sort of apply information Theory to a money problem um just think of it like it’s a it’s an information system you want to minimize noise um minimize latency minimize packet loss

Um and um and so any like like inflation would be adding noise to the system um if if the if the transaction rate if if the if what it takes to conclude a transaction is a long time uh that adds latency to the system uh you know fraud

Is kind of like packet loss uh you know it’s it’s you know so so so I I guess I I kind of think of money like like I think of uh information moving on on a network uh bandwidth uh latency jutter which is the variance in latency uh packet loss um those fundamental

Elements uh yeah it’s been interesting to watch um how human beings in this case the fed you know the words they say whip around markets and there’s just something not right about that um I mean that’s that’s my point of view I think our point of view uh certainly on on the

Crypto team and you know um art laugher who was my professor in school he’s supply side you know at Austrian School of Economics you know when he first he he collaborated on our first uh Bitcoin paper in 2015 and after he got through reading it he said you know I’ve been waiting for

This since they closed the gold window in 1971 I’ve been waiting for a rules a new rules-based Global monetary system yeah uh and I think that’s where our optimism comes from this is truly rules-based and so he’s gotten more and more excited about it the more he’s learned about it

So you know um anyway um back to convergence though uh and you’re you’re the Maestro here you know when I think of um when when we think of you know uh autonomous taxi platforms Robo taxi networks and so forth you know that the that’s the convergence of three of the

Major platforms around which we have centered our research uh robotics um energy storage and artificial intelligence each one of those uh Technologies you know basically Ally gearing up for or in the in The Sweet Spot of a um of the scurve and I I sort of think it of s-curves feeding s-curves

And creating the potential for explosive growth that no one is expecting and and Brett has just written a paper it should come out in the next few weeks around this topic um I just want to get your thoughts about that and Brett if you wanted to ask any questions specifically

About that but the the the the bottom line from an economics point of view is we could see you know very surprising up uh uptick not just uptick a step function up in economic a real economic growth if these Technologies are as big as we think they

Are uh yeah absolutely well um I mean the the real economy is not money it’s goods and services mhm um so you know as was saying earlier money is really just a database for resource allocation um and uh you know it’s but if there are no resources to allocate or if the actual

Goods and services output have is is fixed then you really you I guess try to allocate that same pie but more efficiently but it’s really not near as good as as growing the pie um so growing the the the this output of goods and services um you know productivity is

Really the the thing that leads to Prosperity um and uh obviously with with robotics and AI um I think digital medicine through through synthetic RNA um and uh you know the I think these things are we just massively improve productivity um you know just and and

If if you’ve got if you take the the car as an example um and I think you understand this quite well um although not many people do um that you know if you’ve got say a passenger car uh it will typically see 10 to 12 hours of usage like maybe one

And a half hours a day over the course of seven days um but there are 100 there are 168 hours in a week so it’s it’s really used for a very small percentage of the week week normally and then you’ve got a pocket somewhere as well so you’ve got parking costs storage costs

Maintenance cost and you know all these these these costs associated with a car and and and you know you’re at 5 to 10% of asset utilization for a car and whereas if if you’ve got an autonomous vehicle that same car um that costs basically about the same um could now I

Think be used as a rough approximation for about a third of the hours of the week if you say like productive hours and this I think that’s a I think that’s a conservative but I think it’s s far wrong so if you say like it goes from

Say 10 hours a week to 50 hours a week out of 168 of useful hours that that I think is not it might it’s not going to be exactly right but I don’t think it’s far wrong you now have the same asset being able to having five times you the

Utility so that is that is that is a such a in leap of of productivity um you know and and if T is able to do as as I think we will be able to do which just upgrade the fleet um so to make it autonomous it will be the

Biggest step change in asset value in history I I think um overnight we we agree we agree can we uh stay on the xplat platform as a topic uh um Elon but maybe um take us a a little bit more into the future about this uh super app

Opportunity will you become a financial platform um identification uh is and we’re already seeing uh you’re still tipping I think uh um on on X but uh uh are you going to uh are you going to turn into a financial platform which is where you started your uh entrepreneurial Journey

Many years ago ago is is this still uh is this still on the drawing board uh yeah absolutely we’re we’re just waiting for the final approvals to come through for the money transmitter licenses it’s just taken longer than expected to get the money transmitter

Licenses uh yes I did see you have 15 or so now or is it more um I think we actually have a majority of the states have been through us um but it’s it’s irrelevant until California and and New York us I see I see and and uh are there any

Showstoppers or it’s just bureaucracy it just I mean really just I guess bureaucracy um you know um the thing things were obviously quite chaotic especially for the first few months so you know this it’s not entirely their fault we we were bit late in submitting our uh you know um money

Transmitter licenses um and uh I essentially thought I thought we had done it but we had not done it um until around the middle of this year so I I think we’ll probably get our approvals uh early next year and so I would expect payments to roll out I I

Would be surprised if we ar if it takes us long than the middle of next year to roll out payments um so I’m I’m not aware of any any showstoppers just kind of working through the system so that wraps up our Deep dive into Elon musk’s recent revelations in his interview with

Kathy would from discussing the potential of 2024 the evolving landscape of artificial intelligence to the Intriguing dynamics of Bitcoin and Tesla’s strategy we’ covered some groundbreaking insights it’s fascinating to see how musk’s view on cryptocurrency especially Bitcoin have evolved since Tesla’s significant investment and subsequent partial selloff the prospect

Of incorporating Dogecoin into Twitter’s potential transformation into a financial payments app adds another layer of intrigue to musk’s plan remember your engagement matters if you found this video insightful and want to keep up with more Financial Insights and Tech Trends don’t forget to hit the Subscribe button and like this video

Subscribing is completely free and it’s a great way to stay informed plus you can always change your mind later anyway guys hope you all enjoyed today’s video and that provided you with some value I’ll see you all in the next one and as always all the best that