In a surprising twist, Elon Musk, CEO of Tesla and founder of SpaceX, may be reconsidering the possibility of using bitcoin as a currency on Mars. Though initially resilient due to slow transaction reconciliation, Musk expressed his thoughts in a virtual space with ARK Invest CEO Cathie Wood.

“It may be possible to use bitcoin to some extent, but it would be difficult to use it much on Mars,” Musk said, suggesting the need for a network located on the red planet. The idea of a local Lightning Network, proposed by Bitcoin developer Matt Corallo, could be the key to overcoming transaction speed hurdles.

In his vision of building a colony on Mars by 2050, Musk stressed the importance of evolving into a multi-planetary species. Although facing logistical challenges, Musk considers the use of Bitcoin on Mars feasible with the innovative solutions proposed.

“12-22 minutes of light is not a problem with 10-minute blocks,” said Adam Back, CEO of Blockstream, showing optimism about the idea. In addition, data from Glassnode revealed that Bitcoin’s Lightning Network is significantly cheaper than traditional payment methods.

Elon Musk has left open the possibility of incorporating cryptocurrencies into X, planning to turn it into an “app for everything.” Although in August 2023 he refused to launch a cryptocurrency on the platform, there is speculation about the implementation of cryptocurrency payment options in the future.

With technological advances and the evolution of the cryptocurrency industry, the use of Bitcoin on Mars could become a reality, marking a milestone in space exploration led by SpaceX and Elon Musk.

K. Tovar

Source: Cointelegraph

(Reference image source: X, @BitcoinNewsCom)

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La entrada Elon Musk wants to take bitcoin to Mars apareció primero en Bitfinance.

In a determined financial move, Ark Invest, the well-known firm led by Cathie Wood, has strategically liquidated some of its shares, including those of Coinbase (COIN), as well as other prominent companies. Simultaneously, the firm has directed capital towards Bitcoin futures ETFs, once again demonstrating its innovative vision in the financial world.

It is striking that among the shares released are those of AMD, Block, Cloudflare, Stratasys, Shopify and the Grayscale trust, GBTC. The released funds have been redirected to ProShares Bitcoin Strategy ETF and Ark 21Shares Active Bitcoin Futures Strategy ETF. This bold move is not alien to Ark Invest’s distinctive style.

It is important to note that three of the sales correspond to companies linked to the cryptocurrency market. It should also be noted that Ark Invest had previously acquired shares of Coinbase at favorable prices, generating notable returns.

On this occasion, the sale of COIN shares totaled 148,885 units, reaching a value of $27.5 million.

K. Tovar

Source: Criptotendencia

(Reference image source: PiggyBank, Unsplash)

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La entrada Ark Invest sold part of its shares in Coinbase apareció primero en Bitfinance.

Eccentric tycoon and owner of Tesla, SpaceX and X (Twitter), Elon Musk, reveals his shift away from cryptocurrencies

During a conversation with Cathie Wood of Ark Invest at an X Space event held yesterday, Elon Musk, the visionary entrepreneur, shared that he no longer dedicates as much time to cryptocurrencies as he thinks. Instead, it has turned its attention to other interests.

In the course of the talk, both leaders discussed the current state of the cryptocurrency industry and the possible impact of Bitcoin on traditional finance. Musk said:

“I don’t spend much time thinking about cryptocurrencies, almost nothing at all… I have thought for a long time about money and its nature. What’s the money? It’s really a database for resource allocation.”

On the role of fiduciary money, Musk argued that it works properly for its purpose when it is based on rules and there is no abuse by the government. He added:

“Just think of it as an information system, what you want is to minimize noise… latency… packet loss. And then inflation would add noise to the system.”

K. Tovar

Source: DiarioBitcoin

(Reference image source: @patobonato, X)

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La entrada Musk is no longer “so interested” in cryptocurrencies apareció primero en Bitfinance.

The American company Tesla, has reported that it will begin accepting payments in bitcoin for the purchase of its electric vehicles. The CEO of the company, Elon Musk, has shown interest in the world’s largest digital currency since the beginning of the year and hopes to maintain it for the next 9 months.

Musk reported this Wednesday through his official Twitter account: “Now you can buy a Tesla with bitcoin.” He also ensured that each entry of bitcoin to the company will remain under that figure and will not be converted into fiat currency.

The initiative arises after Tesla witnessed in mid-February the entry of a high sum in bitcoin encrypted at 1,500 million quoted with the popular currency. Obviously, the decision has set a surprising record for bitcoin after such recognition.

Previously, the company had already made an update in its investment policy in January in order to allow the purchase of digital assets, and since then the legitimacy of the currency has been further highlighted.

It is important to note that Tesla currently enjoys a very beneficial position on the stock market; This Monday it reached more than 5 % after the update of the investment firm Ark Invest, which shot the company’s target price to $ 775 compared to the $ 662 this Tuesday.

K. Villarroel

Source: finance

La entrada Tesla accepts bitcoin payments for electric vehicles apareció primero en Bitfinance.