This archive report was first published on 22 July 2021.
On July 21, 2021, during The B Word conference on cryptocurrencies, Tesla CEO Elon Musk expressed his support for Bitcoin, stating that it is a 'candidate' for a means that could 'in general' improve the economy.
Musk noted that there are downsides to Bitcoin that need to be ironed out, including the proof-of-work aspect and the allegedly high energy expenditure tied to the crypto mining.
He further stated that the energy use is 'a bit too much and not necessarily good for the environment.'
Elon Musk revealed that he owns Bitcoin, Ethereum, and Dogecoin, and that he wants to see the price of Bitcoin go up, noting that he loses 'money if the price of Bitcoin drops.'
He also reiterated that neither Tesla Inc. nor SpaceX will sell the Bitcoin they currently hold, and that Tesla 'is most likely' to again start accepting Bitcoin as a means of payment in the future, but warned he 'wants to do a little bit more' to uphold the production of renewable energy.
Ark Invest CEO Catherine Wood praised the way that Bitcoin ranks in regard to the Environmental, Social, and Corporate Governance (ESG) metrics, stating that the world's largest cryptocurrency does well against all three aspects of the ESG system.
Mastercard announced on Tuesday that it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency.
The company will be working with Evolve Bank & Trust, Paxos Trust Company, and Circle, a global financial technology firm and the principal operator of the USD Coin (USDC), a dollar digital currency or stablecoin.
Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.
