Tesla founder Elon Musk is one of the loudest voices in the crypto currency world. He often uses the various larger platforms on Twitter to post about various digital assets and often causes wild fluctuations in their prices, causing some places to question his true purpose.
On Wednesday, however, Kasturi made it clear that he was a crypto investor and supporter.
Speaking at an event called The Bee Word – aimed at “how organizations can embrace Bitcoin” – Jack Dorsey, chief executive of Twitter and Square, and Kathy Wood, chief executive of Arc Invest. Outside of its companies are Tesla and SpaceX Bitcoin, Etherium and Dogicoin. He added that Tesla and SpaceX also have bitcoins.
Despite the recent turmoil in the crypto world, Kasturi says he is “a supporter of Bitcoin and the idea of crypto currency in general.”
The prices of several large crypto currencies, including the owner of three musk, have gone wild in recent months in response to his remarks and actions at Tesla. Dogkein was overwhelmed after Musk’s appearance on Saturday night’s live in McGregor and called it a “rush.”
Attempts to increase the value of assets through exaggerated statements (“pumps”) and sell them as cash at inflated prices (“dumps”), a type of scheme monitored and judged by the Securities and Exchange Commission.
Kasturi is no stranger to the agency. He was accused of securities fraud in 2018 for using Twitter, including posting information about Tesla’s views. He agreed to a compromise to review his posts about the Tesla lawyers’ agency, which he has reportedly violated twice in the last two years.
On Wednesday, Kasturi and Dorsey also addressed environmental concerns about Bitcoin and other cryptocurrencies, whose computers require large amounts of power to power the “mines.” There are a limited number of bitcoins, and computers need to complete complex equations (or “mine”) in order to access them and enter into operation – the more bitcoins are mined, the harder and more intensive the process.
In May, Musk said after a halt to Tesla bitcoin transactions that he realized that cryptocurrency networks could rely on coal-fired power.
“The Tesla mission is accelerating the emergence of sustainable energy. We cannot be an organization that does not even persevere in using the power of Bitcoin,” Kastuk said. “Now, it looks like Bitcoin is moving a lot further into renewables.”
Musk said the company is keeping bitcoin in its books and that about half of the electricity used to mitigate Bitcoin comes from clean sources such as solar and wind energy when it will probably start accepting Bitcoin payments again, which he said earlier on Twitter. (But known for musk, promise and then backtracking))
Dorsier – whose company Square has bought billions of Bitcoins and created an app for crypto developers – has highlighted the potential for using various forms of unused energy in power crypto currency mining operations. He mentioned a company called Great American Mining, which contains methane flares in the oil field to get its Bitcoin mining systems.
