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Speaking at The B Word conference this week, Elon Musk described himself as a supporter of Bitcoin (BTC) and said Tesla would likely start accepting Bitcoin payments again soon. The CEO of Tesla and SpaceX also shared his crypto holdings during a panel on ways to use Bitcoin as a tool for economic empowerment.
The event was hosted by the Crypto Council for Innovation to raise awareness about popular digital currency. Speakers include Bitcoin bulls like Cathie Wood of Ark Invest and Jack Dorsey of Square.
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So what cryptocurrencies does Elon Musk own?
The only real surprise about the billionaire’s crypto wallet is that it doesn’t hold more coins. Elon Musk said these are the only three pieces he owns in any significant way:
Musk pointed out that he owns more Bitcoin than anything else and confirmed that SpaceX and Tesla also own Bitcoin. “The Bitcoin I own is worth a lot more than Ethereum or the Doge,” he said.
The crypto enthusiast also reiterated that he is here for the long haul. “I can pump, but I don’t throw,” smiled the billionaire whose tweets are known to rock the cryptocurrency market.
He also couldn’t resist the opportunity to share his take on Doge. Musk explained that he liked Dogecoin because “I like dogs and memes” and he doesn’t take himself too seriously.
Musk went on to say, “The most ironic and entertaining result would be that the cryptocurrency that started out as a joke to make fun of cryptocurrencies ends up being the main cryptocurrency.”
Musk’s complicated relationship with Bitcoin
Musk clearly believes in the long-term future of Bitcoin. But his offhand tweets and support for Dogecoin have often distanced him from other players in the industry. Dogecoin started out as a joke and is now in the top 10 cryptocurrencies by market cap, mostly due to Musk’s frequent tweets.
Here’s a timeline of some key Musk-Bitcoin moments this year:
- February 8: Tesla says it bought $ 1.5 billion worth of BTC and announced that the company would accept Bitcoin payments. This news contributed to the incredible rise in cryptocurrency prices over the following months.
- March 24: Musk tweets that you can now buy Tesla with Bitcoin.
- April 14: Bitcoin hits an all-time high of $ 64,863.10, according to CoinMarketCap.
- May 12: Musk tweets that Tesla would suspend Bitcoin payments due to environmental concerns. This is one of the many factors that caused Bitcoin and the rest of the cryptocurrency market to fall.
- May 16: BTC further falls on rumors that Musk sells all of his Bitcoin holdings. This misunderstanding came from a conversation on Twitter in which one user said he wouldn’t blame Musk if he left all of his Bitcoin. Musk replied, “Indeed.”
- May 17: Musk reassured investors the next day that Tesla would not sell its parts. Several cryptocurrency exchanges crashed the following week, unable to handle the high volume of trading as investors rushed to cash in and others tried to buy the downside.
Musk’s environmental concerns
Musk’s concerns about the environment are valid, especially given Tesla’s commitment to sustainable energy. According to Digiconomist’s energy consumption index, Bitcoin consumes as much energy each year as a country like Sweden.
What has frustrated many investors is the sudden turnaround. It’s not like Bitcoin’s carbon consumption is a new phenomenon. And now, almost six months later, it looks like Musk is ready to change course again.
He says he’s still concerned about environmental issues, but it looks like Bitcoin is turning to renewable energy. If it can confirm that Bitcoin is powered by at least 50% renewable energy, Tesla will accept Bitcoin payments again. “The answer is most likely that Tesla would start accepting Bitcoin again,” Musk said.
Watch this place.
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