It appears that Elon Musk’s admiration for cryptocurrencies is a lot bigger than previously thought.
During “The B-Word” conference, hosted by the Crypto Council for Innovation on Wednesday, the Tesla CEO discussed the future of bitcoin, alongside fellow bulls Cathie Wood and Jack Dorsey. Musk said that not only does he personally own bitcoin and dogecoin, but also ethereum, which sent the price of the latter cryptocurrency surging by more than 10%.
The eccentric billionaire repeated his support for the crypto market even despite growing environmental risks, saying that, “one thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.” Although Tesla currently does not accept bitcoin as payment, Musk said that could change in the near future, once mining becomes better aligned with environmental regulations.
“I would like to see Bitcoin succeed,” Musk explained. “If the price of Bitcoin goes down, I lose money. I might pump but don’t dump.” He also revealed that he exclusively holds shares of Tesla and SpaceX aside from his cryptocurrency holdings, adding that both companies only own bitcoin.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.