London, England, 2nd July 2021, ZEXPRWIRE – Bitcoin is the gold standard for all cryptocurrencies even though it was never meant to be one. Bitcoin’s blockchain was only designed as a basis for others to base their designs on. The entire purpose of Bitcoin was to promote the idea of a future where decentralised currencies are the norm and the banking system has been phased out. However, since Bitcoin was the first iteration of an endless line of cryptocurrencies to come after, many investors have taken it to be the gold standard based on which all other cryptocurrencies act.
If Bitcoin crashes then it is likely that other cryptos will follow suit but this process does not apply to Bitcoin in reverse. Other cryptos have come and gone without leaving a trace and Bitcoin has remained unaffected by their presence or absence. So it is a well-established fact that the future of the crypto age rests in Bitcoin’s competence to hold its value for at least and until crypto is adopted within society as a completely legitimate form of currency.
This is where the talk between Elon Musk and Jack Dorsey comes in. Now, these two are some of if not the biggest supporters of cryptocurrencies and have been actively voicing their support for nearly a decade. However, both have been critical of Bitcoin’s reliance on non-renewable energy although Elon Musk has been far more critical of this fact as compared to Jack Dorsey. Nonetheless, The Investment Center broker, Michael Weber, believes that both maintain their support for various types of cryptocurrencies that are mainstream. This is why there is a planned talk scheduled for July 21st, 2021.
A talk is an event during which both Elon and Jack plan on getting together and talking about the factors affecting Bitcoin and what exactly it is that’s holding them from allowing their specific organisations from accepting it as a viable form of payment. In the case of Elon, it is Tesla and its subsidiaries and Jack has stakes in some of the largest corporations in the world. So the question as to why they don’t just simply allow Bitcoin to be used for their specific companies has arisen and even though Elon did eventually allow Tesla to accept Bitcoin, that initiative did not last long when the company citing Bitcoin’s immensely large carbon footprint decided to pull off the deal.
Points of interest
So what exactly will be the topic of discussion during that talk? Well, both CEOs have confirmed that they plan on talking mostly about Bitcoin but that may as well mean all cryptos because Bitcoin represents all cryptocurrencies. Here are some of the points of interest that might be discussed during the event.
Crypto reliability on fossil fuel
The largest mining operation in the world for Bitcoin is currently based in China and it is mostly powered by fossil fuel energy which isn’t exactly considered good for our world. This was the primary reason why Bitcoin crashed a few weeks ago and the reason why Tesla had pulled its plan to incorporate Bitcoin in its payment systems. Both CEOs might even launch an initiative to ensure that cryptos that operate mining operations on renewable and sustainable energy are incentivised.
Bitcoin and the gold standard
It is quite obvious that people are frustrated about the fact that cryptocurrencies have always have had to live in the shadows of Bitcoin. There are many competent cryptocurrencies out there that have been conditioned to replace certain transaction systems entirely which is what cryptos were designed to do. Unfortunately, Bitcoin has become more of a get rich scheme which is counterproductive to the very idea of a decentralised system because right now even crypto traders rely on banks to withdraw their transactions and no one is currently accepting Bitcoin in its original form.
There might be a discussion on how to promote other cryptos as well to ensure that if Bitcoin does crash it does not affect other cryptocurrencies such as ethereum and dogecoin. It would be interesting to see the perspective of both CEOs on how they plan on setting the standards for cryptos in general instead of relying entirely on Bitcoin. Even now investors base their decisions on all cryptos on the current trend of Bitcoin. Take Dogecoin for example. It has the same numbers as compared to Bitcoin in its valuations in most cases but the differences are based on the power of ten. In the case of Dogecoin, there is several thousand difference but the underlying numbers are the same.
This just shows how much effect Bitcoin has and how it unequally affects other cryptos as well because a majority of other cryptocurrencies mine their blockchains using clean energy.
The most anticipated talk on Crypto is nearly a month away but even now it seems as if people have taken interest in what the outcomes of this get together will be because this might just decide on whether Bitcoin survives or not.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.