Elon Musk revealed owns Bitcoin, ETH, DOGE, confirmed SpaceX’ BTC holdings, Tesla’ BTC re-accept, price up to 8%
The cryptocurrency market rallied again as short sellers covered positions ahead of Tesla CEO Elon Musk appearance at The B Word Conference. Bitcoin price is trading at close to $32,000 at press time and is up 8% over the past 24 hours. The sharp price rally reflects the positive sentiment to reverse a month-long downtrend mainly driven by regulatory uncertainty.
Of course, the good news comes from Musk continuing to have good words for cryptocurrency and Bitcoin. He has revealed that he personally owns Bitcoin, Ethereum, and Dogecoin at the conference that also features Ark Invest’s Cathie Wood and Twitter CEO Jack Dorsey.
From right to left, Twitter CEO Jack Dorsey, Ark Invest’s Cathie Wood and Tesla CEO Elon Musk
The trio of cryptocurrency superstars talked about BTC’ impact on the environment
First, Musk said that Tesla would “most likely” consider continuing to pay with crypto for its vehicles — a policy the CEO said the company would shut down in May. But said he needs to exercise carefully before making a decision.
“There appears to be a positive trend in the energy usage of Bitcoin,” said Musk, expressing skepticism at the speed at which the network had moved towards green energy sources. “Here’s just no way you could basically double or triple the amount of energy in such a short period of time with renewables. Tesla’s mission is to accelerate sustainable energy. We can’t be the company that does that and not do appropriate diligence on the energy usage of Bitcoin.”
“It looks like Bitcoin is shifting a lot more towards renewables, and a bunch of the heavy-duty coal plants that were unequivocally being used has been shut down, especially in China. I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin.”
And as always, with his knack for controversy, Musk also asked Dorsey if he would consider accepting BTC as payment from Twitter’s advertisers as a way to support the cryptocurrency or not. Dorsey implied that he agreed with the concept but that he was more focused on creating “economic incentives in the network itself without having to rely on advertising.”
When Musk pressed him to answer about whether he would actually allow advertisers to pay in BTC; however, Dorsey laughed and stopped committing to doing so immediately.
Meanwhile, CEO and CIO of Ark Invest Cathie Wood thinks that Bitcoin can make an important contribution to Environmental, Social, and Governance (ESG).
In referencing the environmental aspect of ESG, Wood said “Bitcoin will become much more environmentally friendly, certainly, than traditional gold mining or the traditional financial services sector. In many ways, it already is. And it is just going to get better that way.”
CEO of Square and Twitter did not speak as directly on issues related to the environment as his co-panelists but took a different approach to how BTC can make the world a better place. He recently launched a “Bitcoin Clean Energy Investment Initiative,” to help the industry move toward a less destructive future. Dorsey stated in the press release that “We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”
And at the conference, he only said that “My hope is that Bitcoin creates world peace or helps create world peace. It may sound a bit ridiculous but you fix that foundational level and everything above it improves. It is in the long-term but my hope is definitely peace.”
Elon Musk owns Bitcoin, Ethereum, and Dogecoin confirms SpaceX’s BTC holdings
Besides, Musk reaffirmed his support for Bitcoin. He also addressed several allegations from experts that he orchestrated a pump-and-dump scheme with his Twitter posts about cryptocurrencies including BTC and DOGE.
“If the price of Bitcoin goes down, I lose money,” said Musk. “I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling it or anything like that.”
He said that he would like Bitcoin to succeed, claiming that it’s his biggest holding:
“I do own Bitcoin, and Tesla owns it, and SpaceX owns it… and I own a little bit of Ethereum and, of course, Dogecoin.”
So, this statement likely confirmed SpaceX holds Bitcoin after the founder of SkyBridge Capital, Anthony Scaramucci, made the announcement in March.
Elon Musk sees future 1) renewables replace fossil fuels 2) #bitcoin demonetizes gold, RE, equities & art + becomes dominant store of value
Answer to energy FUD is Elon Musk!
— Anthony Scaramucci (@Scaramucci) March 19, 2021
In addition, he praised the flagship cryptocurrency’s decentralization and its censorship resistance:
“But Bitcoin per se is mostly solving for scarcity. Or rather, solving for essentially, having no throat to choke, decentralized. So there’s no one who can be coerced in any way to empty that Bitcoin account. Well, I guess they could technically but on an individual basis.”
And on the topic of his favorite memecoin, Dogecoin, Musk said he likes that the DOGE community is very irreverent and “has great memes and loves dogs, and I love dogs and memes.”
“The most ironic and entertaining outcome would be the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency,” Musk chuckling.
Under this theory, the Tesla CEO could see a future where Dogecoin, originally created as a joke, could somehow end up as the world’s leading cryptocurrency. The thought was given with some laughter from him and the panel’s moderator, so whether this is his actual opinion is hard to tell.
Musk does see Dogecoin’s block size as a small advantage over Bitcoin due to its allowance for greater transaction speed but acknowledges that the network is solving this problem with second-layer solutions and the lightning network.
“It seems self-evident that we should take these sorts of actions which most likely make the future good… It’s probably better that there is a prosperous Bitcoin, Ether, and Dogecoin in the future, which will increase the power of the individual relative to the government,” Musk hopes that a range of cryptos can continue to flourish, including both Bitcoin and Dogecoin.
BTC/USD 4-hour chart | Source: TradingView
At the moment, Bitcoin price is trading around $31,881, down a bit more than when Elon Musk’s statements appeared. Looks like some people took advantage of the rising price to sell. ETH traded above $1,900 but failed to break above the $2,000 mark. Meanwhile, DOGE is up nearly 9%, trading at $0.187. Other altcoins followed suit though not mentioned in the presentation of the trio.
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