With Cathie Wood and Jack Dorsey on the ‘? word’ campaign, Elon Musk will tell institutions how they might adopt Bitcoin.
Musk’s tweets have historically affected Bitcoin prices, and his end plan is unlikely to disappoint.
ARK Invest’s Cathie Wood outlined why they’re interested in Bitcoin and DeFi.
Elon Musk, the CEO of Tesla, plans to promote awareness and give his views on mainstream Bitcoin narratives and institutional investment.
Elon Musk continues to share memes with his 57.9 million Twitter followers as he prepares for his appearance on ‘The? Word’. Since March, when Musk stated that Tesla will accept Bitcoin, a chain of events has unfolded, affecting the prices of Bitcoin, Dogecoin, Baby Doge, and Shiba Inu, among other cryptocurrencies.
Because some of Musk’s tweets contradicted others and left his fans perplexed, it’s likely that he has a plan in place. It’s difficult to discern his plans for Tesla and Bitcoin, but based on his tweets, it’s quite likely that the electric vehicle manufacturer has plans for solar-powered Bitcoin mining.
Tesla made a full policy turnaround after declaring that it has begun accepting Bitcoin payments. This adjustment was prompted by environmental concerns, according to Musk. This is incongruent because he previously stated that Tesla owns and operates Bitcoin nodes directly.
Whether bullish or bearish, Musk has shown enough interest in cryptocurrencies to make a statement about them.
It’s worth noting that Ark Invest, Tesla’s largest shareholder (about 10%), has continuously offered insightful information on Bitcoin, DeFi, and cryptocurrencies in general. An article detailing research on solar battery Bitcoin mining was recently published by the investment business. The research appears to point to a Bitcoin use case for Tesla in terms of energy supply and efficiency.
The study’s findings are encouraging, and Ark claims that BTC mining can boost a grid’s overall share and generate more electricity from green sources.
Tesla fits into the picture since over 13 states in the US compel automakers to sell a certain number of zero-emission vehicles before they can sell any vehicles in their state. Last year, the sale of environmental credits brought in $428 million, accounting for 7% of Tesla’s total revenue. Tesla is quite likely to monetize Bitcoin mining by using renewable energy.
Tesla could monetise the extra power from their solar panels, roofing, and batteries by routing it into Bitcoin mining. This move could boost Bitcoin’s price, which is currently under selling pressure in a volatile market.
ARK CEO/CIO Cathie Wood said:
As you may know, if you look at Bitcoin’s price over time, it has still tripled since last September, despite being cut in half. If the price continues to rise, what does that mean? It indicates more purchasing power, which is why deflation is so consistent with our worldview./n
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