August 5, 2021

Elon Musk: I Personally Own Bitcoin, Ethereum and Dogecoin

2 min read

Elon Musk has actually shared more info about his individual crypto portfolio and that of his aerospace business – – SpaceX – during a discussion with Twitter’s Jack Dorsey at the continuous B Word online event.

Elon Musk Owns Ether

The B Word conference was a long-awaited occasion including Elon Musk, Jack Dorsey, and Cathie Wood with Steve Lee as the mediator.

Talking to Dorsey, the Tesla employer 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 – – obviously – Dogecoin.

Although Musk is a big fan of DOGE and has issues about Bitcoin’s energy usage, the billionaire stated that he owns more BTC than ETH and DOGE. The Tesla CEO did not expose the quantity he has invested in these properties, or when he invested.

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Elon Musk, Tesla CEO Musk: SpaceX Owns Bitcoin Musk went on to state that aside from Tesla, his aerospace business SpaceX likewise has bitcoin in its portfolio. Nevertheless, unlike his electrical car business that has $1.5 billion bought BTC, Musk did not disclose just how much of the crypto asset SpaceX owns.

Regardless of his financial position with the possession, Musk kept in mind that bitcoin can not 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 assist enhance bitcoin’s scalability, which could see it become the currency of the world.

According to the billionaire, his aerospace business is “playing a vital function” to achieve such a vision for Bitcoin’s future. However, he did not talk about what SpaceX is doing to achieve that objective.

Tesla to Resume Bitcoin Purchases

Meanwhile, for Tesla, Musk likewise revealed during the event that there’s a great chance the company will resume accepting bitcoin for payments once again as soon as he validates that miners are embracing 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 a minimum of 50% renewable resource for mining operations.