The CEO of Tesla and SpaceX, Elon Musk, revealed in a recent statement that he owns three of the significant cryptocurrencies bitcoin, ethereum, and dogecoin. He also revealed that his companies SpaceX and Tesla, have bitcoin. He said that bitcoin is now using more renewable energy resources than before. If this continues, Tesla will resume accepting bitcoin payments.
Elon Musk is a Cryptocurrency Holder
The bitcoin live event named the ”B-Word” was held on Wednesday. In this event, SpaceX and Tesla CEO Elon Musk, Square and Twitter CEO Jack Dorsey, and Ark Invest CEO Cathie Wood participated and had conversations regarding cryptocurrencies.
Elon Musk started telling the benefits of bitcoin when he was asked what influenced his views on Bitcoin? According to Elon Musk, cryptocurrency has colossal potential.
Musk avowed, “as a general rule, I am an ally of bitcoin,” underscoring, “The bitcoin I own is worth very much more than ethereum or doge.”
Showing that he doesn’t trust in selling after assisting with boosting costs, he thought: On the off chance that the cost of bitcoin goes down, I lose cash, I may siphon, yet I don’t dump I might want to see bitcoin succeed.
Going to the subject of Tesla stopping acknowledgment of bitcoin, Musk clarified that the suspension was brief. He affirmed: We are not selling any bitcoin, nor am I selling it actually, nor is Spacex selling any bitcoin. Concerning energy use, Musk surrendered: It appears as though Bitcoin is moving much more toward renewables, and a lot of the rock-solid coal plants that were being utilized have been closed down, particularly in China.
He added that he needs to do somewhat more due to industriousness to affirm that the level of environmentally friendly power utilization is doubtlessly at or above half and that there is a pattern toward expanding that number, expounding:
Assuming this is the case, Tesla will, in all likelihood, continue tolerating bitcoin.
Elon Musk’s Concerns Regarding Environmental Issues
A few months earlier, the crypto-community saw the prices of bitcoin skyrocketing when Tesla revealed that it would start accepting bitcoin for the payments of its electric cars. However, after a while, Tesla stopped taking bitcoin payments citing environmental issues. Along with Tesla, many other organizations started criticizing bitcoin because of its high use of energy. This led bitcoin’s value to reduce within days. Even then, Elon Musk revealed that despite the reasons that Tesla stopped accepting bitcoin payments, the company and Elon Musk are still holding on to their bitcoin assets.
Now again, in the live event, he revealed that Elon Musk is not only holding bitcoin assets, but he also has Ethereum and Dogecoin. He often tweeted regarding dogecoin, too, which spiked the interest of many people. Moreover, the Dogecoin inventor revealed that Mr Musk is working with them to make dogecoin a better currency. Even now, it is clear that Elon Musk is a huge crypto supporter, and he wants to see cryptocurrency prosper.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.