Elon Musk announced that he owns Bitcoin, Ethereum and Dogecoin at the B-Word conference where he first voiced his personal crypto investments.
With the posts he made on his social media accounts, it can be easily understood that Elon Musk has various crypto assets. Tesla’s announcement that he bought Bitcoin has become official on their balance sheet. However, Musk spoke for the first time about his personal portfolio and confirmed his investments in Bitcoin, Ethereum and Dogecoin. He said that he does not intend to sell these assets in the near future.
Elon: "I may pump, but I don't dump" #BTC
— v9 Umbisam (@Umbisam) July 21, 2021
He said the following about the assets in his possession:
Other than SpaceX and Tesla, the three things I have… any matter of Bitcoin, some Ethereum, and some Doge. If the Bitcoin price drops, I lose money. I can try to upgrade but not downgrade.
This statement could be interpreted as referring to the recent decline in Bitcoin value from its highs earlier this year. Musk had a big share in this rise, as he announced that Tesla had converted a billion dollars into Bitcoin and temporarily accepted cryptocurrencies as a means of payment.
This was suspended shortly after Musk expressed his concerns about the Bitcoin mining process. Musk also expressed a keen interest in Dogecoin, to the point of supposedly helping Dogecoin developers in reducing cryptocurrency energy consumption since 2019.
Even then, understanding that Elon Musk has certainly invested in Bitcoin, Ethereum, and Dogecoin paints a more vivid picture of his desire to succeed. With that in mind, it should come as no surprise that Musk regularly participates in cryptocurrency conversations on and off Twitter.
Elon Musk says Tesla will continue to accept Bitcoin on one condition
Elon Musk said that Tesla will continue to accept Bitcoin for its products again if the cryptocurrency switches to at least 50% renewable energy for mining and transactions.
Tesla shocked investors and enthusiasts earlier this year when it announced that it had purchased $1.5 billion worth of Bitcoin. The company made the acquisition in December, eventually opening the door for Tesla to accept Bitcoin as a payment method for its electric cars and sustainable energy products.
In March, Tesla officially started accepting Bitcoin as a payment option. Musk said that only buyers in the US have the ability to purchase a vehicle with Bitcoin, and that the option will be expanded to international customers “by the end of this year.”
But the option to purchase a vehicle or solar power system was short-lived. On May 12, Musk announced that Tesla was suspending vehicle purchases using Bitcoin. “We are concerned about the rapid increase in the use of fossil fuels for bitcoin mining and processing, especially coal, which has the worst emissions of any fuel,” Musk said in a statement. At Wednesday’s conference, Musk reiterated that the environmental impact of coal is too negative to continue mining or accept Bitcoin.
As soon as transactions and mining are completed with more sustainable options, Tesla is ready to accept crypto for its vehicles.
“Most likely, Tesla will continue to accept Bitcoin,” Musk said. “As long as there is a conscious effort to divert bitcoin miners towards renewable energies, Tesla can support it,” he added. It seems that Bitcoin is shifting much more towards renewable sources and a bunch of heavy-duty coal power plants used… have been shut down.”
Musk also confirmed that SpaceX, which is not currently a public company, also owns Bitcoin. He has no plans to sell any Bitcoin from his personal portfolio, and he said Tesla and SpaceX will also continue to have “diamond hands.”