Elon Musk or Jack Dorsey - Who is More Important to the Future of Bitcoin?
The founder of Square, and former CEO of Twitter, Jack Dorsey, is an advocate for bitcoin and has personally invested in the currency. He has declared that he believes bitcoin will become the world's single currency. Square has already purchased $50 million worth of bitcoin and recently committed to building a hardware wallet. In addition, the company has announced that it is working on an open-source bitcoin development kit.
Elon Musk and Jack Dorsey's Involvement in the Crypto Ecosystem
Both Elon Musk and Jack Dorsey have endorsed bitcoin and its future. Although Musk is a huge proponent of bitcoin, we have criticized Dorsey for being too liberal with his views on cryptocurrency. Musk has been openly critical of bitcoin's lack of regulatory oversight and has made several controversial statements. For example, he has said that he will not sell Tesla's bitcoin if made into a cryptocurrency. Dorsey has also been critical of Bitcoin. He believes that bitcoin will break the monopolies of violence and become the world's single currency. However, Dorsey's Twitter account has been flooded with negative comments about cryptocurrency.
While Elon Musk believes in a single global cryptocurrency, Jack Dorsey is more cautious, noting the potential risk of bitcoin replacing fiat currencies is high. Indeed, the risk is that bitcoin may displace fiat currencies altogether, as Yanis Varoufakis and others have pointed out. Without fiat currencies, the bitcoin community would have little incentive to expand their money supply. Therefore, it would benefit tech monopolies, investment bankers, and energy oligarchs, not those who use the currency in their everyday lives.
Elon Musk or Jack Dorsey is more likely to turn public opinion against Bitcoin
If public opinion is the key to the success of any new business, which is more likely to sway it in the opposite direction? Elon Musk and Jack Dorsey are both pro-Bitcoin, but their respective public image has been tarnished. The public condemned musk's Twitter posts, and Dorsey's comments on bitcoin fueled a furious response on the Twitter board.
While Jack Dorsey and Tesla CEO Elon Musk are both staunch supporters of Bitcoin, both have expressed concerns about its use in mining. Bitcoin mining involves resolving complex mathematical puzzles on powerful computers, consuming enormous energy. In February 2021, Musk's company said it would accept bitcoin but later pulled the deal and halted accepting it.
How much Bitcoin does Elon Musk own?
The Tesla CEO, whose net worth is estimated to be $246.6 billion, recently admitted to owning Bitcoin and other crypto assets. In 2019, Elon Musk recently attended a crypto-themed conference and revealed that he owns roughly 0.25 Bitcoins - the equivalent of $9471.40 at today's value. Musk explained that the massive currency issuance by central banks and governments makes Bitcoin look solid. After Musk's announcement in 2019, Ethereum rose above the $2,000 mark, while most other cryptocurrencies increased.
Among other cryptocurrencies, Musk owns a lot of Dogecoin and Ethereum. Musk, in Feb 2021, announced that he bought a few coins of the altcoin "Dogecoin" for his son, but he did not specify how much he bought. Unlike other investors, Elon Musk has a different perspective on crypto. He invested in Dogecoin because of its popularity and because it's "people's" crypto. Musk also confirmed that he owns Bitcoin and ether, and he explains why he supports Dogecoin, a meme token.
Elon Musk once tweeted photos of his Shiba Inu puppy, and investors assumed he owned the pup. Musk later clarified that he did not own a puppy but does own 3 cryptocurrencies. He advocates for cryptocurrencies and believes they will help people in need. He wants Bitcoin to become a successful technology.
Tesla
Tesla has reported that it holds roughly 43,200 bitcoins, more than eight of the ten largest corporate holders in the market. However, that dwarfs the company's largest shareholder, MicroStrategy, led by bitcoin bull Michael Saylor. The latter has 129,218 coins, which are worth $5.4 billion. Elon Musk has also said that Bitcoin will have a place at Tesla.
Tesla revealed that it has about $2 billion in bitcoin on its balance sheet, with an annual gain of $128 million. The company invested $1.5 billion in Bitcoin in the first quarter of 2021, and he has often tweeted his support for the cryptocurrency. Tesla has the second-largest bitcoin stash in the U.S., according to its most recent 10K SEC filing. Its bitcoin holdings represent about 10% of Tesla's liquid assets.
How much Bitcoin does Jack Dorsey own?
Twitter CEO Jack Dorsey is a staunch proponent of Bitcoin and blockchain technology, but does he own any? The billionaire co-founder and CEO of Square and Twitter have long been a proponent of cryptocurrency and blockchain technology. However, during a recent Lightning Torch experiment, he revealed that he only owns Bitcoin. He also explained the reasons for this decision. For example, bitcoin is a tool that can make life easier for people in the developing world.
The cryptocurrency has gained popularity in recent months, and Dorsey has expressed interest in the Lightning Network, an additional layer of the blockchain that helps hasten transactions and reduce costs. In June, he even tweeted that Twitter would adopt the Lightning Network. While this news was not confirmed at the time, it certainly suggests that he believes in the technology and plans to use it in the future. In fact, Twitter's CEO recently tweeted that he intends to include Lightning Network as an option for investors.
Square
Jack's tweets about bitcoin have drawn attention, and his Twitter followers are no doubt dazed by the former CEO's interest in the cryptocurrency. Of course, Jack isn't the only tech billionaire interested in cryptocurrencies. His payments company, Square, is investing in bitcoin. It is the second publicly-listed company to invest in Bitcoin. According to its website, it bought 4,709 bitcoin at an average price of $10,600 apiece in 2020. They later bought an additional 3,318 Bitcoins in February 2021
As the CEO of Block and Former CEO of Twitter, Jack Dorsey has stated that bitcoin will eventually replace the U.S. dollar. However, as many critics elucidate, bitcoin would be a dangerous currency. The community wouldn't have a motive to expand the money supply in the face of a crisis. Doing so would ultimately benefit the rich holders of the cryptocurrency and energy oligarchs, tech monopolies, and investment banks.
Twitter founder Jack Dorsey recently tweeted out his thoughts on bitcoin and blockchain technology and the "Web3" technology. While he's not an advocate of Web 3, he seems to be a champion of the community and decentralization of the virtual world. While he's a skeptic of Web 3 (an attempt to create a centralized virtual world), he did mention the funding of a company called "Andreessen Horowitz."