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Elon Musk admits to own Bitcoin, Dogecoin and Ethereum cryptocurrencies

By Saima Siddiqui 
Updated Date

San Francisco: Tesla Chief Executive Officer Elon Musk on Thursday admitted to personally owning some bitcoins, dogecoins and ethereums. Musk also added that Tesla and SpaceX also own Bitcoin. Musk was speaking at the Bitcoin event “The B Word”- hosted by the Crypto Council for Innovation, along with Twitter CEO Jack Dorsey, and Ark Invest CEO Cathie Wood.

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However, he also reiterated environmental concerns related to cryptocurrencies.

“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,” Musk said, as quoted by CNBC.

Musk said he had been holding bitcoins for the long term.

“If the price of Bitcoin goes down, I lose money. I might pump but I don’t dump,” Musk said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”

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Musk also clarified that Tesla will most likely restart accepting bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the digital currency.

“Most likely the answer is that Tesla would resume accepting bitcoin as a form of payment for its cars, after conducting due diligence on the amount of renewable energy used in mining the cryptocurrency,” Musk said.

“If the price of bitcoin goes down I lose money. I might pump but I don’t dump,” Musk said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”

“I wanted a little bit more due 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, and if so Tesla would resume accepting bitcoin” Musk said.

The price of Ethereum went up around 12 percent after Musk’s comments, while Bitcoin rose 8 percent.

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He stated that both Tesla and SpaceX, the companies he had founded, currently owned bitcoin and other cryptocurrency.

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