Elon Musk declares personal crypto holdings

Elon Musk declares personal crypto holdings

While speaking at "The B Word" conference, Tesla CEO Elon Musk revealed that he personally owns Bitcoin, Ethereum, and Dogecoin.

Although he did not disclose the investment amounts, Musk confirmed that SpaceX and Tesla had investments in Bitcoin.

I do own Bitcoin, and Tesla owns it, and SpaceX owns it… and I own a little bit of Ethereum and, of course, Dogecoin.

Musk expressed concerns over the energy-intensive proof-of-work algorithm that Bitcoin operates on and its lack of usability. However, he agreed that Bitcoin had a lot of potentials. And although Musk has been an avid supporter of DOGE, he said that he owns far more Bitcoin than Ethereum or DOGE, adding that he was willing to ride Bitcoin to the moon or lose money, if the price crashes.

In general, I'm a supporter of Bitcoin and the idea of cryptocurrency [...] But as I said publicly, we need to watch out for crypto taking, especially Bitcoin, using proof of work to maybe use energy that's maybe a bit too much and not necessarily good for the environment [...] Usability for the average person is not very good, but it has a lot of potential [...] If the price of Bitcoin goes down I lose money. I might pump but I don't dump.

Meanwhile, Musk hinted at the possibility of Tesla resuming support for Bitcoin. He said this would happen if Bitcoin’s green energy use goes above 50 percent.

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