About the Crypto Industry: What the World’s Most Influential CEOs Say

In recent years, the crypto industry has developed rapidly, and hot topics such as NFT, Metaverse, and Web3 have become the most concerned issues for executives of industry giants. Today we take stock of the views of some of the most influential executives in the industry.

Tesla

Billionaire Elon Musk, CEO of SpaceX and Tesla, often posts about different cryptocurrencies on Twitter. As a "trendsetter of the times", some of Musk's actions seem to represent a signal in the eyes of investors, affecting the price fluctuations of some virtual currencies.

Last year, Tesla decided to hold part of the company's cash in the form of Bitcoin because this asset is better than cash. Musk said: "The interest on fiat currency is negative, and only fools will stare at fiat currency."

Tesla also briefly accepted Bitcoin payments, but stopped doing so due to concerns about the cryptocurrency's impact on the environment. Musk said the company would accept Bitcoin payments again once Bitcoin mining is powered by 50% more renewable energy.

In 2021, after Musk posted a photo of his Shiba Inu puppy on Twitter, the price of a Shib altcoin rose 10,000 times, becoming one of the top ten cryptocurrencies by market value. In past speeches, Musk clarified that he does not own any Shiba Inu coins, he only owns Bitcoin, Ethereum, and Dogecoin.

Tesla bought $1.5 billion worth of Bitcoin at the beginning of last year, at a price of about $35,000. This is not only an aggressive investment attempt, but also an important endorsement of Bitcoin. Tesla said that the company believes in the long-term potential of digital assets as an investment and a liquid alternative to cash. Like any investment, the company can also increase or decrease its holdings of digital assets at any time based on business needs and its views on market and environmental conditions. However, digital assets may be affected by market price fluctuations, which may be unfavorable to the company. Tesla will continue to adjust its investment strategy to meet the company's liquidity and risk goals.

Uber

More and more companies are willing to accept cryptocurrency as a payment method. Dara Khosrowshahi, CEO of ride-hailing giant Uber, told the media some time ago that Uber will support the use of cryptocurrency payments in the future when the time is more mature.

The company discussed the idea of ​​buying Bitcoin with company cash, but it was "quickly dismissed." He stressed, "We will keep the cash safe. We are not in the business of speculation. Our strengths are in the businesses we have established, not in our investment projects."

“Will Uber accept cryptocurrency in the future? Of course, one day,” Khosrowshahi said. “As soon as transaction fees get lower and mining becomes more environmentally friendly, I think you’ll see us lean more towards cryptocurrency.”

Apple

When asked directly about his views on cryptocurrency during an online interview, Apple CEO Tim Cook responded: “We are looking into it, but it’s not something we plan to do immediately.”

During the event, Tim Cook mentioned that he has been interested in cryptocurrencies for some time and has been studying this emerging field. From the perspective of investment, asset diversification management, and risk diversification, it makes sense to hold some cryptocurrencies.

However, these cryptocurrencies were purchased and invested by Cook in his personal capacity and with personal assets, and have nothing to do with Apple. Cook will not provide anyone with investment advice on cryptocurrencies. In addition, Cook also stated that Apple has no plans to accept product transactions in the form of cryptocurrencies in the short term.

Nvidia

Nvidia once supported cryptocurrency mining, and the chipmaker's stock price fell. Nvidia's founder, president and CEO Jensen Huang has always been very supportive of the development of the encryption industry. Huang believes that cryptocurrency is no longer a concept waiting to be verified. It is legal, it has been formed, it works well, and it is relied on by many people. Huang said that Ethereum is very valuable and it can speed up transactions.

When the concept of the metaverse became popular in 2021, NVIDIA launched Omniverse, a real-time simulation and collaboration platform for enterprises, a virtual work platform called "the metaverse for engineers". It is introduced as the world's first 3D simulation and collaboration platform based on NVIDIA RTX, which integrates the physical and virtual worlds, simulates reality in real time with realistic details, and enables artists and artificial intelligence to use different tools in different worlds to create a new world together.

Lao Huang's personal virtual image

NVIDIA is the world's largest AI chip manufacturer. By creating the "three-core" strategy of "GPU+CPU+DPU" and building the underlying technology of the metaverse, it has further improved its own competitiveness.

Huang Renxun believes that through the Metaverse, enterprises can reduce a lot of cost waste in reality, save huge expenses and bring themselves a lot of profits. This is one of the reasons why he is optimistic about the Metaverse. Factories want to invest a small amount of money to purchase this intelligent system. They can save tens of billions of dollars in costs through simulation. In the eyes of Lao Yupi, Huang is right in saying that the Metaverse is virtual, but making money is real.

PayPal

The global spread of the epidemic has also led to a rapid development of online payments. Dan Schulman, CEO of online payment giant PayPal, expressed his views on cryptocurrency and blockchain technology and what they can do for the financial system. Schulman said at last year's earnings conference that Americans still rely on outdated systems to transfer funds between bank accounts, and digital wallets can greatly improve the efficiency of the government's issuance of stimulus checks.

Schulman said, "I think everyone's initial thinking about cryptocurrencies, buying and selling and what the price of Bitcoin will be tomorrow, to me, is the least interesting part of digital currencies. That is to think about digital currencies as an asset class. To me, what's really exciting about digital currencies is what kind of utility they can provide in terms of payments." Noting the worldwide trend of central banks seeking to issue digital currencies (CBDCs), Mr. Schulman commented. The intersection between CBDCs, stablecoins, digital wallets, and payment utility enhanced by cryptocurrencies is not only fascinating, but I think will redefine a lot of the financial world in the future.

PayPal's crypto feature allows customers to buy or sell Bitcoin, Bitcoin Cash, Ethereum or Litecoin for as little as £1. Users can also track the price of cryptocurrencies in real time and find relevant information on the market. PayPal's "Checkout with Crypto" feature allows users to choose to pay with Bitcoin, Ethereum, etc. PayPal will automatically convert it into US dollars and complete the transaction without additional gas fees or other fees. If the merchant does not accept US dollars, PayPal will also convert these US dollars into local currency at the standard exchange rate it sets.

“As the use of digital payments and digital currencies accelerates, the launch of ‘Checkout with Crypto’ continues our focus on mainstream adoption of cryptocurrency while continuing to provide PayPal customers with more choice and flexibility in how they pay, all using their PayPal wallet,” Schulman added. “Enabling cryptocurrency to be used for purchases at businesses around the world is the next chapter in driving adoption and acceptance of digital currencies.”

Airbnb

In January, Airbnb CEO Brian Chesky conducted a poll on Twitter asking users to choose what features they would like Airbnb to launch in 2022. Among the 4,000 responses he received, supporting cryptocurrencies as a payment method was at the top of the list.

Chesky also included various token-related ideas in the “cryptocurrency payments” suggestion category. This option ranked ahead of guest loyalty programs and clear pricing displays, showing that Airbnb users have a high demand for cryptocurrency payments.

While Chesky did not explicitly state whether his company plans to accept cryptocurrency payments, he announced that Airbnb is “already addressing” most of the suggestions in the tweet.

This is not the first time Chesky has spoken publicly about cryptocurrency. In an interview with Fox Business last September, he said he had seen a lot of cryptocurrency payment requests over the years. Coinbase CEO Brian Armstrong was once an Airbnb employee and said he was proud of Coinbase's success.

Google

Alphabet and Google CEO Sundar Pichai said he does not own any cryptocurrencies, adding that he wishes he did. “I’ve dabbled in cryptocurrencies, in and out,” Pichai said.

Interestingly, Pichai told an anecdote in 2018 that he was lectured by his son for not understanding Ethereum. His 11-year-old son was mining at home. "I had dinner with my son last week and I was talking about Bitcoin and my son clarified that I was talking about Ethereum, which is slightly different." Pichai exclaimed, "He is 11 years old. He told me he was mining it."

Today, Google has already taken action in the field of virtual reality and augmented reality. Pichai said: It is clear that future computing technology will be more people-centric, and the interaction between people and computers will no longer be limited to computer screens, but will be more interactive and immersive, and will appear at any time when needed. As for Pichai personally, he is optimistic about the future of immersive computing, ambient computing and AR.

"I'm always excited about the future of immersive computing, but it doesn't belong to any one company. It's the evolution of the Internet," Pichai said. "I think the Metaverse will likely use AR technology to enhance the immersion of computing and open up a variety of immersive, interactive virtual experiences."

Microsoft

Microsoft Chairman and CEO Satya Nadella spoke frankly about his interest in the Metaverse at the 2021 Sequoia Capital Global Leaders Summit.

Nadella proposed the futuristic term "Enterprise Metaverse" at the Global Partner Conference Inspire, "With the emergence and innovation of new technologies, we are seeing some huge changes in the way people work." This may be the most revolutionary term in Satya Nadella's keynote speech last year. It refers to the collection of infrastructure stacks that arise with the fusion of the digital and physical worlds. It is a combination of digital twins, the Internet of Things (IoT), and mixed reality. Through Microsoft HoloLens, Mesh, Azure Cloud, Azure Digital Twins, etc., it helps enterprise customers achieve the integration of the digital world and the real world.

In his speech this year, he said that games are the most dynamic and exciting entertainment category on all platforms today, and will play a key role in the development of the Metaverse platform. We are investing deeply in world-class content, community, and cloud to usher in a new era of gaming that puts players and creators first and makes games safe, inclusive, and open to everyone.

Mastercard

Mastercard CEO Michael Miebach has long had a positive outlook on the cryptocurrency industry.

Last July, at Mastercard's earnings conference, Miebach said: "We believe what we do is bring a multi-rail payment provider perspective to the market. We have to enter this field because people are looking for answers." Mastercard is striving to become the first choice for governments and private entities when testing and launching central bank digital currencies or stablecoins. Mastercard has been very active in keeping up with innovations in digital currencies, partly due to competition with its rival Visa.

During the third-quarter earnings call, Miebach announced that Mastercard was preparing for the launch of a digital form of fiat currency around the world, citing the company’s intellectual property and years of experience creating patents in the cryptocurrency space as efforts that could pay off in the coming years.

Miebach offered the most ambitious view: “We would say that the most likely opportunity for this technology to be used for payments right now is in the form of a government-issued CBDC. We’ve said this on several of our previous calls, and we’ve also said that when a government is ready to launch a CBDC that can be used as a settlement currency in our network alongside the dollar or the euro, we’ll have our network ready.”

Miebach remains confident in Mastercard’s role in decentralization, saying: “We can provide a safe space for governments and private banks to figure out how this actually works.”

Morgan Stanley

James Gorman, CEO of Morgan Stanley, has a respectful attitude towards cryptocurrencies. "I don't think cryptocurrencies will be a flash in the pan, they won't just disappear, and I don't know what value Bitcoin should reach. But these things will not end, and the blockchain technology behind it is obviously very real and powerful."

“Bitcoin is a speculative asset. But it’s not going to replace reserve currencies. It’s not going to happen. My advice is don’t put more than 1% of your net worth into it,” he said.

Goldman Sachs

In June 2021, Goldman Sachs CEO David M. Solomon said in an interview with the media that Goldman Sachs "absolutely" wants to catch up with the blockchain trend.

At the end of last year, Solomon said in a speech that he is not a fan of cryptocurrencies, but admires the technology behind them. He expressed his admiration for blockchain, saying that the technology behind Bitcoin is more important than Bitcoin.

He said: "I think Bitcoin is really not the key. The key is how blockchain and other undeveloped technologies can accelerate the pace of digitalization of the way financial services are provided." Solomon believes that regulatory measures may usher in new changes.

As cryptocurrencies are increasingly adopted around the world, banks are increasingly finding it necessary to put aside the accusation of "centralization" first. They choose to launch digital asset investment assets or call for regulation for fear of missing out, and FOMO sentiment is also very high.

Charles Schwab

Walt Bettinger, CEO of financial services giant Charles Schwab, said in an interview with Bloomberg that cryptocurrencies are “hard to ignore” and that they are “quite important” in today’s world.

"If it's a good opportunity from a regulatory perspective, we would welcome it. There is a huge gap in this space today for a firm like Schwab. The transaction costs of crypto trading are abnormally high and the spreads are abnormally high," Bettinger said. He further stated: "For a firm like Schwab, there is a huge gap in the crypto space right now." Bettinger also pointed out that the transaction costs of cryptocurrencies and their spreads are "abnormally high."

Buffett is really good

Looking back from now, in April 2018, Warren Buffett, the stock god, talked about encrypted digital currencies in an interview. He believed that Bitcoin or other encrypted digital currencies would not generate any real value. Investing in them was a speculative behavior. Investors bought them just in the hope that the next buyer would pay more money. This was a kind of gambling, not an investment.

In 2020, Sun Yuchen had dinner with Buffett, trying to change Buffett's attitude towards cryptocurrencies and gave Buffett some cryptocurrencies. But Buffett's attitude has not changed at all. Buffett said that cryptocurrencies are basically worthless and they do not produce anything. Not only does he not have Bitcoin, but he does not have any cryptocurrency. It is normal for Buffett to be pessimistic about Bitcoin. After all, the stock god also insisted on not investing in gold and missed the opportunity to invest in Google and Amazon.

As we all know, Buffett is a staunch opponent of Bitcoin and hates it very much. Recently, there was a piece of news that could be called a "face-slapping" level - Buffett "indirectly" invested in cryptocurrency.

In June 2021, Warren Buffett's Berkshire Hathaway announced that it had invested $500 million in Brazilian digital bank Nubank. Nubank acquired brokerage firm Easyvest, and the two financial companies plan to work together to provide Bitcoin ETF investment services to customers.

NuBank is a new bank that operates differently from the traditional banking system, not relying entirely on physical branches but focusing primarily on digital services. The investment arm of the digital bank, NuInvest, allows users to put their money into a Bitcoin exchange-traded fund (ETF).

In February, Berkshire Hathaway disclosed its cryptocurrency investments in a filing with the U.S. Securities and Exchange Commission, which showed that Buffett's company had purchased $1 billion in Nubank shares.

Although this move by its subsidiary does not fully represent a change in Buffett's own investment philosophy, to some extent it can actually be seen as a shift in the investment industry's move toward cryptocurrencies.

Every transformation does not happen overnight, just like today we have reviewed the views of so many world-renowned company CEOs. Their speeches and actions not only represent themselves, but more importantly, they represent the views of the companies they run that influence the development of the global economy. Well-known companies are entering the blockchain at a rapid pace, and the development prospects of the crypto world are promising.