Elon Musk’s and Jack Dorsey’s recent comment on Bitcoin – what it might mean

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Updated: February 23, 2019 5:16:58 PM

The Tesla chief executive and Twitter CEO recently suggested that cryptocurrency, especially Bitcoin technology, as the potential to change the world.

Elon Musk’s and Jack Dorsey’s recent comment on Bitcoin – what it might mean (File)

The recent comments on Bitcoin made by two of the brightest stalwarts of the tech world – Tesla’s Elon Musk and Twitter’s Jack Dorsey, gave hope to its market after witnessing decline for over a year. The comments, however, failed to uplift the cryptocurrency market despite them saying how it will change the future of money – and the crypto fraternity celebrating it.

The Tesla chief executive and Twitter CEO recently suggested that cryptocurrency, especially Bitcoin technology, as the potential to change the world. However, neither of them seem particularly keen to lead the debate.

Last year, Musk sparked up debate after hinting that he might get into bitcoin business – this week he ended up saying, “Bitcoin is quite brilliant”. “Paper money is going away in the future, that is for sure. Crypto is a better way to transfer values than a piece of paper,” he told Forbes.

While talking at the Ark Invest podcast, he said, “creating Bitcoins will be very energy intensive now – which would not be a good use for Tesla’s resources.”

Meanwhile, Twitter’s Jack Dorsey, who is also the CEO of payments processor ‘Square’ has been talking about Bitcoin on his microblogging handle. Earlier in February Dorsey said, how Bitcoin would ‘probably be the native currency’ of the internet.

The cryptocurrency and Bitcoin sphere has forever been waiting for the tech giants like them to endorse the technology. While it is not known how much cryptocurrency Dorsey owns, Musk reportedly does not have much.

Musk’s Tesla is also not looking to wade into cryptocurrencies anytime soon, which has been clear from his recent comments. On the other hand, Twitter though has almost zero support for bitcoin, ‘Tippin’ a micro-payment network needs its users to have a bitcoin account. ‘Square’ also has a bitcoin wallet and is expected to have lightening support, reported Forbes.

While it is expected, Jeff Bezos of Amazon is likely to trigger the next bull run of cryptocurrency – it might as well be the likes of Dorsey or Musk. Recently, Changpeng Zhao of Binance, the world’s largest cryptocurrency exchange has also called out to his followers asking them to think about what might be the trigger for the next Bitcoin bull run.

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