“SpaceX, Tesla, and I are all investors in Bitcoin,” Elon Musk said today at a Bitcoin conference. Despite the fact that Tesla no longer allows customers to pay for cars with Bitcoin, the automaker has not sold its Bitcoin, according to him. “We are not selling any Bitcoin, nor am I personally selling anything, nor is SpaceX selling any Bitcoin,” says the company.
In addition, Musk disclosed that he owned Ethereum and — unsurprisingly — Dogecoin. The price of Ethereum, which was already rising today, rose further on the disclosure. Dogecoin rose early in the panel to almost 21 cents, before dipping to about 19 cents by the end of the panel, according to Coindesk data. Musk participated in a panel discussion with Jack Dorsey, the CEO of Twitter and payment company Square, as well as Cathie Wood, the founder and CEO of ARK Invest, among others.
In February, Tesla disclosed it had invested $1.5 billion in Bitcoin; some of that investment was sold in the first quarter at a $101 million profit. Tesla started accepting Bitcoin in late March, then abruptly reversed itself in May, just 49 days later. Tesla stated that the decision was made due to concerns about Bitcoin’s energy consumption, and that it would resume accepting Bitcoin once mining became more environmentally friendly.
“I might pump, but I don’t dump,” Musk said today in response to a question. Getting the price as high as possible and then selling is something I absolutely do not believe in. It is my hope that bitcoin will be successful.”
Musk has courted the opprobrium of some investors by clashing with people who believe Bitcoin is the only worthwhile cryptocurrency. Musk has said Dogecoin can “beat Bitcoin hands down.” Tesla’s reversal on Bitcoin as a payment method contributed to a crash in Bitcoin value in April. Bitcoin’s dip in value may have cost Tesla $90 million, Business Insider estimated in June.
At one point, Musk inquired of Dorsey about the possibility of accepting Bitcoin as a form of payment for advertisements on Twitter. Dorsey avoided answering the question, despite the fact that he had previously promoted his Bluesky project, which was first announced in December 2019. However, it didn’t appear to have progressed much further by January of this year — Dorsey wrote on his blog that Twitter is still “in the process of interviewing and hiring folks” for Bluesky. Today, he stated that his primary focus is currently on developing a decentralised social media protocol, which he has named Bluesky. “It is extremely, extremely early.”
However, even if he does not believe that Twitter should accept Bitcoin as a form of payment, Dorsey has high expectations for the cryptocurrency. “My hope is that it contributes to world peace,” Dorsey expressed his optimism about the cryptocurrency.