Elon Musk: I Personally Own Bitcoin, Ethereum and Dogecoin 

Elon Musk has shared more information about his personal crypto portfolio and that of his aerospace company – SpaceX – during a discussion with Twitter’s Jack Dorsey at the ongoing B Word online event.

Elon Musk Owns Ether

The B Word conference was a long-awaited event featuring Elon Musk, Jack Dorsey, and Cathie Wood, with Steve Lee as the moderator.

Speaking to Dorsey, the Tesla boss shared insights about his private crypto investments, noting that he also personally owns Ether, the second-largest cryptocurrency by market capitalization, aside from having Bitcoin and – of course – Dogecoin.

Although Musk is a big fan of DOGE and has concerns about Bitcoin’s energy usage, the billionaire said that he owns more BTC than ETH and DOGE. The Tesla CEO did not reveal the amount he had invested in these assets or when he invested.

ElonMusk1Elon Musk, Tesla CEO

Musk: SpaceX Owns Bitcoin

Musk went on to say that aside from Tesla, his aerospace company SpaceX also has bitcoin in its portfolio.  However, unlike his electric car company, with $1.5 billion invested in BTC, Musk did not disclose how much of the crypto asset SpaceX owns.

Despite his financial position with the asset, Musk noted that bitcoin cannot be a global monetary system at the base layer, but it can be at the second layer depending on the implementation.

He believes that a well-implemented layer 2, such as the Lightning Network, will help improve bitcoin’s scalability, which could see it become the currency of the world.

According to the billionaire, his aerospace company is “playing a vital role” in achieving such a vision for Bitcoin’s future. However, he did not comment on what SpaceX is doing to achieve that goal.

Tesla to Resume Bitcoin Purchases

Meanwhile, for Tesla, Musk also revealed during the event that there’s a good chance the firm will resume accepting bitcoin for payments again once he confirms that miners are adopting renewable energy.

After Tesla suspended BTC purchases due to environmental concerns, the CEO said that the company would resume accepting bitcoin if the cryptocurrency uses at least 50% renewable energy for mining operations.

Publication date: 
07/22/2021 - 07:27

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