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.”