Elon Musk Coming BACK To Bitcoin In 2024 – Elon Musk & Cathie Wood Latest Crypto Prediction

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Elon Musk has history with Bitcoin.

In early 2021, Tesla invested $1.5 billion dollars of their cash into Bitcoin. They also began accepting Bitcoin as payment.

SpaceX followed & also added Bitcoin to their balance sheet. Elon then revealed he personally owned Bitcoin, Ethereum & Dogecoin.

It appeared as if Elon was a fan of Bitcoin & an ally of the crypto space.

Then everything changed.In 2022, Tesla sold 75% of their Bitcoin at a loss. They also stopped accepting Bitcoin as payment for their products.

Why?

Concerns over the energy usage of the Bitcoin network.Since selling, Elon Musk hasn’t spoken much about Bitcoin or crypto.

However, this week, he hinted he might be coming back.

Following the approval of the spot Bitcoin ETFs, Cathie Wood hosted a twitter spaces to celebrate. One of the speakers was Elon.

Within the spaces, Cathie asked Elon if he was planning on incorporating Bitcoin into twitter as he builds it into a financial platform.

Elon said he was open to the idea.

He then revealed that SpaceX has continued to hold it’s Bitcoin:

He also addressed the energy usage concerns Tesla had surrounding Bitcoin in 2022. He pointed out the situation has improved.

Make sure to stick around to the end of the video where Elon does eventually get angry at some persistent questions from Bitcoiners & he also answers the question – what form of currency does he believe he will use on Mars?

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 Coming BACK To Bitcoin In 2024 – Elon Musk & Cathie Wood Latest Crypto Prediction

But also you want it to be the everything app and I know on this call there are a lot of people who who have a a strong view about how quickly you’d be able to proliferate that throughout the world with Bitcoin as as part part of the infrastructure yeah I’m open to the

Idea of using Bitcoin I mean it’s like said all the very things that I think about I think about Bitcoin very little but I’ve thought about monetary systems a lot and and the actual practicalities of exchanging exchanging money or it’s money is really just data information in

A database and the you know basically money is an information system for labor allocation so but most people think of money as having power in and of itself but you can obviously run some basic for experiments and say if you have a trillion dollars on it you know marooned

On an island it’s useless because there’s no labor to allocate you you only once you have some complexity and you know you have people with different skills then you need sort of an information system for labor allocation and to shift obligations across time but it’s remarkable how many people think

Money has power in and of itself because that is their experience certainly in any advanced economy you know for example if you were to say like let’s spend more money on Healthcare I’m like okay well you can’t instantaneously change the number of doctors doctors take roughly 30 Years to you know for

For a new doctor a baby to be born and ultimately be educated to be educated and become doctor you can’t really you can’t just throw money at a system and and suddenly have you know get doctors from a magic doctor Factory so you can’t over time change the number of doctors

If you change the inent of structure for doctors but you cannot just adding money to a system does not create more doctors but but people weirdly sometimes think that is the case cuz that’s they just they see what is immediately in front of them but they do not see two two or

Three is deep in fact like this is why inflation is such an effective means of Taxation is because inflation is a few layers deep and most people simply see one or two layers deep but like so something is like three layers away that they simply don’t realize it and they

Will in fact be angry at the store for the prices going up even though it is in fact the government that has caused the prices to go up Elon Musk has history with Bitcoin in early 2021 Tesla invested $1.5 billion of their cash into Bitcoin they also began accepting

Bitcoin as payment SpaceX followed and also added Bitcoin to their balance sheet Elon then revealed he personally owned Bitcoin ethereum and Dogecoin it appeared as if Elon was a fan of Bitcoin and an ally of the crypt base but then everything changed in 2022 Tesla sold

75% of their Bitcoin at a loss they also stopped accepting Bitcoin as payment for their products why they cited concerns over the energy usage of the Bitcoin Network and since selling Elon Musk hasn’t spoken much about Bitcoin or crypto however this week he hinted that he might be coming back following the

Approval of the spot Bitcoin ETFs Kathy would hosted a Twitter spaces to celebrate one of the speakers was Elon within the spaces Kathy asked Elon if he was planning on incorporating Bitcoin into Twitter as he built it into a financial platform and Elon said he was

Open to the idea he then revealed that SpaceX has continued to hold its Bitcoin and he also addressed the energy usage concerns that Tesla had surrounding Bitcoin in 2022 he pointed out that the situation has now improved make sure to stick around to the end of the video

Where Elon does eventually get angry at some persistent questions from bitcoiners and he also answers the question what form of currency does he believe will be used on Mars also guys only a small percentage of my viewers are actually subscribed if you enjoy Finance cont content consider subscribing or liking the video it’s

Free and you can always change your mind now here’s Elon Musk and Kathy Wood with their latest thoughts on bitcoin that’s why we have to get the government out right yeah for any given system what whatever the incentive structure is whatever the incentives are that’s what will happen and and then attribute no

Surprise if you incense something that it will happen it would be weird if you incent something and it didn’t happen then the context of your companies Elon SpaceX and Tesla like what was the rationale behind using Bitcoin in the treasury and is it something that you’ve kind of backed off

Of or is it something that you’re amenable to kind of more broadly well I mean we did make some prominent purchases of Bitcoin at Tesla we were we just became a bit concerned that the big changes in bit in the ratio of dollars to Bitcoins you know that that that

Value ratio is changing too much you know and case we needed the working capital it would better for us not to have a Bitcoin and now SpaceX still has has most of it Bitcoin because basx did not anticipate any working capital issues potential working capital risks

And you know yeah just and I was at one point it really seemed like the use of electricity for Bitcoin was on the margins really being quite a lot of dirty electricity and I know people have got all these you know rebuttals to high you know high CO energy being useful

Bitcoin but like there was at one point like I think an entire power station and Coal Mine in China of that was a truly gigantic one that was responsible for a massive amount of Bitcoin mining now I believe that has now been shut down but I think that actually constituted some

Insane amount of Bitcoin hashing at one point I think things have gotten better with try usage for Bitcoin hashing I it’s still a little bit of a concern but it seems to be not as serious a concern as it was in the past that’s analia to me arguing that electric vehicles are

Bad because I live because they’re powered by a Coal Power Plant like I think you have to divorce the source of the electricity from the actual fundamental good that spending energy to secure the Bitcoin Network produces and that like the reason the thing that Kathy and art are talking about is that

Hey here’s a currency that a government can’t control they can’t control because you have a basically decentralized distributed denial of service system preventing it from being controlled and coopted and the cost of that is the energy used then I I don’t think there were exactly so in in the this case of

The the gigantic coal mine and coal power plant in China its sole purpose was Bitcoin mining and it was really not something that would be used for anything other than than Bitcoin mining in fact when that plant went offline there was a massive drop in the in in

Hashes per second Bitcoin that’s how you could tell it was that plan you know that’s it’s when it’s that that that was problematic it it went too far at a certain point now like I said I think at this point it is better and when when you look at electricity usage when it’s

Not being pushed Beyond know reasonable bounds it is electricity use electricity production is increasingly sustainable coming from wind and solar with buffering with battery pack pack buffering Elon if you don’t back the monetary units with work something that actually takes energy as opposed to keystroke I just don’t know how you can

Build a better system that actually pegs fiat currency around the world without some type of proof of work mechanism no I’m not saying to have some proof of work mechanism I’m just saying that and and look I don’t want to you know I’m on this call because Kathy asked me to be

On this call not because I’m wish to argue about Bitcoin I still do think this this is an important if we get his Bitcoin annoying Bitcoin augment I’ll sign off I actually have one question I I don’t know how much time you have Elon but I do I would love to know you’ve

Been clear about the need for us to be in interplanetary species what money would you use on Mars it probably would make sense to use some kind of cryptocurrency on Ms now you couldn’t use Bitcoin because the reconciliation time is too long like Mars at times is

Mars can be like 20 light minutes away not an easy you difficult you there have to be some localized thing on M yeah so I I know we uh some very important movers and shakers in the community are here I I’m sure they are already thinking about ways to make sure that

Bitcoin makes its way to Mars I’m positive yeah it’s it’s just like I said you know at times you well when you you was on the other side of the sun I mean reason a rough way to think about it is this eight light minutes from the Sun

Mars is roughly one and a half times as far away from the Sun as the you know as the Earth and so at times you’re on the order of 20 minutes but sometimes even like you can’t go right through the Sun so you have to be Bank shotted past the

Sun to they might be like 23 minutes at at speed max speed of light anyway I think you could perhaps use Bitcoin to some degree but you know it we difficult to use it a lot one more luckily some of the other Technologies like lightning would work totally great

Without lighten you’d have to have a localized lightning Network like you were talking about now you wouldn’t be able to mine on Mark you get split mining across the the Earth and Mars but correct I think the monster have some some something local I mean that that I

Hope we have that problem to deal with if we have that problem to deal with then really civilization has advanced dramatically so right now we’ve not yet been know put a single person on Mars just a few robots at extremely high prices so in order to have any you know

To in order to pass one of the firy gr filters which is are you a one planet species or multiplet species we have to have a self-sustaining civilization on Mars where the AET test being if the resupply ships from Earth stop coming for any reason whatsoever that the city

On Mars does not die out well I want to thank you Elon I know you if you want to hang out and he continue with the coin conversation or you could yes Kathy you’re back yeah did that did I get cut out I don’t know what happened there for

Just a second okay what I was saying is I don’t know how much time I mean I’d love to uh keep batting back and forth Bitcoin I know your time was short but I want I wanted to thank you for joining us this has been awesome spaces is

Awesome and we’re going to be doing a lot more on spaces so so thank you all right sounds good good to great great thank you okay guest in appearance he’s pretty amazing but I actually I think we scored a few Bitcoin points there guys I think we’re bringing him

Back into the fold so I think this a very similar pattern as to what happened over the last 10 years will probably repeat itself a huge reason of why we’ve been able to list these in other uh jurisdictions with other skeptical regulators and the same reason that

We’ve been able to do it in the United States is it’s becoming way too big to ignore I think if you just look at owner ship levels anywhere the estimates I’ve seen are anywhere between 15 and 25% of American adults there’s a 100 million or more coinbase accounts and so on and so

I think a considerable part of this is that it’s just becoming much larger to impossible to ignore and that’s going to continue to push adoption in my opinion got to go pretty soon yeah we should obviously a lot of people have joined us just recently and we should just say

Obviously we want to thank the guests we’ve had so far you know we’re Gathering here today and they’re on with us to really highlight the fact that it’s a Monumental day with the approval of the Bitcoin ETFs and and AR KB for the r21 shares Bitcoin ETF launching

Tomorrow and these become very relevant conversations very fast for so many it’s the reason that the tagline for the ar21 shares Bitcoin ECF is aren’t you a little bit curious there is so much to be curious about for so many who as I think Brett said earlier previously had

Almost excuses not to pay attention and so we want to bring high quality content we thank Elon certainly and and many others because curiosity will lead to so much knowledge and there’s still so much debate and so much Innovation to go thank you Tom I I I wanted to uh just

Get quickly back to finishing up something that I think we started talking about using the gold ETF and I I know that a lot of people on this call think about inflation and as I do all the time risks and so forth but back then what was Russian default long-term

Capital Y2K then the teeken Telecom bus the FED just kept easing even though that recession was very narrowly focused and I think that’s what greased the skids for gold and all other commodity prices in the early 2000s so you know when people do use gold the gold f as a

Guide I just I I think gold actually might have gone down as a p you know relative to other other commodity so there’s Elon musk’s latest opinion on bitcoin could he be coming back to crypto if there’s one thing we do know it’s that Elon craves attention with the

Crypto borun gaining Steam and Tesla’s Bitcoin energy concerns having been resolved it wouldn’t be surprising at all to see him rejoin the crypto narrative at some point in 2024 will he come crawling back we’ll have to wait and see 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 and