Elon Musk has long been a proponent of cryptocurrency, and the SpaceX CEO has now acknowledged for the first time that his privately held aerospace business also holds Bitcoin. This, of course, is in addition to Tesla’s $1.5 billion (approximately Rs. 11,150 crores) investment in the world’s largest and oldest digital coin, which has suffered significantly in recent weeks after peaking at over $60,000 months ago (roughly Rs. 45 lakhs).
Musk stated that SpaceX does own Bitcoin while speaking at The B Word conference, an event organized by the Cryptocurrency Council for Innovation, alongside ARK Invest CEO Cathie Wood and Twitter CEO Jack Dorsey. He did not, however, reveal the size of SpaceX’s Bitcoin investment.
Musk also disclosed that he has personally invested in the Shiba-Inu face-themed digital currency, which began as a joke but grew in popularity after being backed by several celebrities.
“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 added, reinstating his stance as an avid supporter of Cryptocurrencies.
He also utilized the occasion to express his desire for Bitcoin to flourish. Moreover, Musk stated unequivocally that neither SpaceX nor he personally desired to split ways with Bitcoin.
“If the price of Bitcoin goes down I lose money. I might pump but I don’t dump,” he said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”
Musk also asked fellow conference attendee and Twitter and Square CEO Jack Dorsey whether he would consider taking bitcoin as payment from Twitter’s advertisers as a way to boost the cryptocurrency.
Dorsey said that he agreed with the notion, but that he was more concerned with developing “economic incentives in the network itself without relying on advertising.”
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