Elon Musk has revealed that SpaceX has invested its cash reserves in bitcoin, following Tesla’s announcement earlier this year that it bought $1.5 billion of the cryptocurrency.
Speaking at The Word conference with Twitter CEO Jack Dorsey on Wednesday, Mr. Musk also revealed that he personally owns a “significant” amount of bitcoin, as well as a small amount of Ethereum (ether) and Dogecoin. Is the owner.
“The only thing that is of any importance to me beyond Tesla and SpaceX stocks is bitcoin, and then some ethereum and dogecoin,” he said.
“If the price of bitcoin goes down, I lose money. I can pump but I don’t dump… I want to see bitcoin succeed.”
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Mr Musk said he pitched the idea to the SpaceX team to build a space heater that also acts as a cryptocurrency miner.
“I had this idea that was off the wall,” he says. “What if a space heater was also a bitcoin/ethereum/dogecoin miner.”
It makes sense, he claimed, that heaters serve a function beyond just generating heat.
The technology billionaire has proved divisive within the crypto community, following his decision to allow bitcoin payments for Tesla vehicles, which saw the cryptocurrency hit a new record high above $60,000 in April.
His subsequent announcement that crypto payments would be suspended due to environmental concerns of the bitcoin network coincided with a major price crash in which BTC lost more than half of its value.
Musk said Tesla may soon begin accepting payments in bitcoin after the firm has done “due diligence” in evaluating the true impact of bitcoin on climate change.
“There appears to be a positive trend in the energy use of bitcoin,” he said.
Tesla will reopen crypto payments when renewable energy is “at or above 50 percent and there is a tendency for that number to increase,” he added.
He also confirmed that he has no plans to sell bitcoin individually or through SpaceX and Tesla, despite the recent price drop.
He also indicated that negative interest rates in Europe could force Tesla to invest more of its cash reserves in bitcoin.
Mr Musk also encouraged Mr Dorsey for Twitter to start accepting bitcoin payments from advertisers. “Let’s do it,” replied Mr. Dorsey.
Credit: www.independent.co.uk /