Tesla CEO Elon Musk is a known figure within Bitcoin and a staunch advocate of digital currencies’ sustainability and environmental-friendliness.
Just a few months ago, Musk sparked an online debate after he announced that Tesla’s stopping car purchases using Bitcoin Core (BTC) due to its “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Furthermore, Musk’s “breakup” with BTC has been the catalyst of the BTC crash, in which its price dropped by over 30%. Musk’s decision, however, is not a malicious one intended to harm the reputation of BTC. In fact, it is not a secret that Tesla owns over a billion dollars worth of BTC.
In a recent discussion about “Bitcoin as a Tool for Economic Empowerment,” Musk has pointed out the root of BTC’s problem: “Bitcoin by itself simply cannot scale to be the monetary system for the world at base layer. But with a second layer, this is possible depending upon how that second layer is implemented.”
Because BTC kept its block size caps at a 1MB with a throughput of seven transactions per second (tps) and high transaction fees that reached a peak of almost $25 in April, it is a sort of gold that benefits the few people rich enough to be able to buy and transact with it.
In comparison, the BSV enterprise blockchain has surpassed all networks and wants to become the world’s largest public blockchain by all major utility metrics, including data storage and daily transaction volume, scaling ability, and average block size.
With this, it’s even more evident that Musk’s decision to discontinue accepting BTC payments and his conclusion that BTC is wasting energy is warranted.
And now, Dr. Craig S. Wright has extended a personal invitation to the Tesla CEO to discuss Bitcoin and blockchain issues, given that Musk has admitted that he would still “like to see Bitcoin succeed.” Wright has invited Musk to discuss all of these and more at the upcoming CoinGeek Conference that will be held at The Sheraton, Times Square in New York, from October 5 to 7, 2021.
“You and I both have a long history in innovation, particularly around payments. With your transformational work at X.com and mine as Satoshi Nakamoto inventing Bitcoin, a system designed as a simple digital cash system. We can work together to change things. More personally, we’ve both had to deal with ill-informed and vicious critics. Time has demonstrated that we were simply living in a future that they didn’t yet recognize. We’re inviting people to New York to join us in building the future. I hope you take me up on this offer to join me in solving these issues,” Wright said, addressing Musk.
It seems that Wright and Musk have the same goal in mind—to see Bitcoin succeed. If Musk is serious about wanting to see Bitcoin’s success and if he is the innovator that would also love to see blockchain as a green technology, then now it is his chance to have an enlightening conversation with the Bitcoin SV creator as well as other experts in the fields of blockchain scaling and green energy. How should Musk respond? It would truly be exciting if he does accept Wright’s invitation.
And if Musk does so with an open mind, the world is in for a fantastic brainstorming of two technological geniuses. Suppose these two great minds can collaborate. In that case, the digital currency space will indeed be elevated into a provider of an essential service by presenting a technology that everyone can use.
Author: Kimberly Maceda