Impact of the Surprising Bitcoin (BTC) Remarks of Jack Dorsey and Elon Musk

Bitcoin (BTC), which has been under the influence of the bears over the past year, recently started a sharp price recovery. The digital currency started correcting higher after two of the most closely-watched figures in the tech space made some surprising comments about the digital currency.

The two closely-watched figures are Jack Dorsey, the CEO of Twitter, and Elon Musk, the CEO of Tesla. Nevertheless, the value of Bitcoin (BTC) failed to be set alight by the light praise of Dorsey and Musk about the digital currency and how it will revolutionize the future of money – despite digital currency media celebrating wholeheartedly.

Bitcoin (BTC) Has a Brilliant Structure – Elon Musk

While these two digital currency bulls have suggested that they digital currencies, specifically Bitcoin (BTC), as fascinating new technologies that will likely transform the world, neither of them seem particularly keen to lead the charge. Musk, who got everyone fired up last year that he might be fully involved in Bitcoin (BTC), earlier this week said that the structure of Bitcoin (BTC) is “quite brilliant.”

Musk also said that Bitcoin (BTC) is far better than paper money, as it bypasses currency controls. He added that paper money is gradually fading away and that digital currencies are a far better way of transferring values than paper money. The CEO of Tesla said that it might not be a good use of the firm’s resources to go into digital currency, as it is very energy intensive to create Bitcoin (BTC) at this point. He disclosed this while speaking on the Ark Invest podcast.

On the other hand, Jack Dorsey has been talking about the evolving lightning network of Bitcoin (BTC) on his micro-blogging platform. Jack Dorsey is the CEO of Twitter and the CEO of Square – payments processing platform. He also has some limited Bitcoin (BTC) experience via Square’s Cash App. The Bitcoin (BTC) and digital currency space have been patiently waiting for the day when the likes of Musk and Dorsey give their support to digital currency, but that day hasn’t arrived yet.

It is not clear how much digital currency these figures hold. However, Musk does not have much, and Dorsey has not been explicit. Twitter almost doesn’t support Bitcoin (BTC) or digital currency, with lightning networked Tippin requiring users to be already clued up on BTC to use it. The Cash App of Square features a Bitcoin (BTC) wallet and it is expected to soon support lightning network, but that depends on whether Dorsey is willing to push the boat out at the moment.

Meanwhile, Tesla does not accept Bitcoin (BTC) or any other digital currency. Judging by the most recent comments of Musk, the firm will not be making a debut into the digital currency space any time soon. Many in the Bitcoin (BTC) and digital currency space have been suggesting that it will be the likes of Jeff Bezos of Amazon who will ignite the next Bitcoin (BTC) bull run. However, it could just as likely be Jack Dorsey and Elon Musk.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,930.63
-0.97%

At the time of writing, Bitcoin (BTC) is changing hands at $3,923 after a decrease of about one percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $69.26 billion with a trading volume of $6.94 billion.

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