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“SpaceX, Tesla and I own Bitcoin,” Elon Musk said at a Bitcoin conference today. Although Tesla no longer allows people to pay for cars using Bitcoin, the automaker has not sold its Bitcoin, he said. “We don’t sell any Bitcoin, I don’t sell anything personally, or SpaceX doesn’t sell any Bitcoin.”
Additionally, Musk revealed that he owns Ethereum and, unsurprisingly, Dogecoin. The price of Ethereum, which was already on the rise today, rose further following the disclosure. Dogecoin rose at the start of the panel to nearly 21 cents, before dropping to around 19 cents at the end of the panel, according to data from Coindesk. Musk spoke during a panel with Jack Dorsey, CEO of Twitter and payments company Square, and Cathie Wood, founder and CEO of ARK Invest.
In February, Tesla revealed that it had invested $ 1.5 billion in Bitcoin; part of that investment was sold in the first quarter with a profit of $ 101 million. Tesla started accepting Bitcoin at the end of March, then suddenly reversed in May, just 49 days later. The change was due to concerns about Bitcoin’s energy consumption – and Tesla has said it will resume accepting Bitcoin when mining becomes more environmentally sustainable.
“I can pump but I don’t empty,” Musk said today. “I certainly don’t believe in increasing the price and selling or anything like that. I would like to see Bitcoin succeed.
Musk has courted the stigma of some investors by running into people who think Bitcoin is the only valid cryptocurrency. Musk said Dogecoin could “beat Bitcoin hands down”. Tesla’s reversal of Bitcoin as a payment method contributed to a crash in the value of Bitcoin in April. Bitcoin’s decline in value may have cost Tesla $ 90 million, Business intern estimated in June.
At one point, Musk asked Dorsey if he would accept Bitcoin as a payment method for advertising on Twitter. Dorsey dodged the question, although he had already promoted his Bluesky project, first announced in December 2019. As of January of this year, he didn’t seem to have gone much further – Dorsey wrote that Twitter is still “interviewing and hiring people” for Bluesky. “My biggest focus right now is on a decentralized social media protocol, we call it Bluesky,” he said today. “It’s great, super early.”
But Dorsey’s ambitions for Bitcoin are high, even though he doesn’t think Twitter should accept it as a payment method. “My hope is that this creates peace in the world,” Dorsey said of the cryptocurrency.
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