What is Jimmy Song’s net worth after Bitcoin’s huge profit?

However, Bitcoin critics believe that the crypto is either worthless or dangerous to the environment. China, for example, has banned bitcoin mining and crypto transactions. Jimmy Song seems to believe that with more understanding, skeptics could change their minds about crypto.

Jimmy Song speaks to Senator Ted Cruz at the Texas Blockchain Summit

Senator Ted Cruz from Texas was among the lawmakers attending the Texas Blockchain Summit 2021. Jimmy Song and Cruz had a long conversation. At the beginning of the conversation, Song asked the legislature when billionaire Peter Thiel had told him about Bitcoin and how much he regretted not investing in Bitcoin early on.

Cruz confirmed that he and Theil have been friends for 25 years. The senator said, however, that Thiel had never told him about Bitcoin and joked that he was angry with Thiel because of it. Bitcoin made its early investors rich. For example, an investment of just $ 10 in Bitcoin’s early years would now be worth more than $ 7 million. Thiel was part of the team that started PayPal, and he was an early investor on Facebook.

Article continues under advertising

Song’s chat with Cruz also touched on crypto regulation. According to the Senator, Congress knows little about cryptocurrencies. He said he was trying to make changes to the $ 1.2 trillion infrastructure bill to help lessen the damage that could do to the crypto world. But these efforts failed. Cruz and Song seem to believe that people need to be educated more about cryptocurrencies.

Texas wins more Bitcoin miners as China steps up crackdown on the industry. The main reasons for this are the state’s crypto-friendly regulations and abundant cheap energy. Not only does Cruz believe that flaring wasted natural gas can be used to generate electricity for Bitcoin mining.

Article continues under advertising

Bitcoin operations consume huge amounts of electricity, which is why critics argue that it is harmful to the environment. In fact, Bitcoin’s environmental impact was what made Elon Musk’s Tesla no longer accept it as payment for car purchases.

I came from # Bitcoin2021 and realized the power of the plebs. # Bitcoin doesn’t care how rich or famous you are. Plebs judge based on what you do for #Bitcoin and no one gets a free pass.

– Jimmy Song (송재준) (@jimmysong) June 6, 2021

Article continues under advertising

You don’t need a token.

The creators want a token because it can steal value from everyone else, but it is definitely not necessary.

If you understand this, you too will become a #bitcoin maximalist.

– Jimmy Song (송재준) (@jimmysong) October 9, 2021

Comments are closed.