An advocate of the concept of decentralization of the crypto universe, Tesla CEO Elon Musk said he has ether (ETH) and Dogecoin in his wallet, in addition, of course, to bitcoin – cited as one of his main investments, in addition to Tesla and Space X.
Elon Musk’s statements were made during The B Word event, an online conference organized by the Crypto Council for Innovation. During the event, alongside Jack Dorsey, Twitter and Square CEO, and Ark Invest CEO Cathie Wood, he stated that despite the turbulence his decisions have caused to the market, “when bitcoin falls, he loses money too”, referring to Tesla no longer accepting payments in cryptocurrencies. Check some views on the industry of the controversial executive.
1. Musk says Tesla didn’t sell its bitcoin
Although Tesla no longer allows people to pay for its vehicles using bitcoin, Musk says the automaker has not sold its cryptocurrencies. “We are not selling any bitcoin, either from Tesla or Space X. I’m not selling anything personally either”, he said, as reported by The Verge.
However, part of Tesla’s investment in February this year was actually sold in the first quarter, with a profit of US$ 101 million. In addition, the company began accepting Bitcoin in late March but turned back in May, claiming concerns about the use of energy for bitcoin mining.
2. Tesla will again accept bitcoin when half of the energy is renewable
Musk said that the company would likely return to accepting bitcoin payments when about half of the energy used for mining comes from clean sources, such as solar and wind.
3. The entrepreneur invests in cryptocurrencies besides bitcoin
Ether, an Ethereum currency, and DOGE, from Dogecoin, are part of the billionaire’s wallet, who said that, apart from bitcoin, they are his only major investments other than his companies.
4. Elon Musk’s statements affect the market
Musk acknowledges that his decisions and statements affect the crypto market and impact his finances. “These moves affect me financially, but if this wasn’t my concern [referring to bitcoin’s energy expenditure], I wouldn’t have done it”, he said, reiterating that the falling of the currency has harmed him.
5. He claims he doesn’t “pump and dump”
During the conversation, Musk stressed that he does not intentionally use his statements to his advantage to raise or lower the price of the cryptoasset. Instead, he used the term “Pump and dump”, mentioning that he can “inflate (pump) but not dump (discard or give up)”. The term refers to a type of securities fraud in which someone attempts to raise the price of an asset through false, misleading, or exaggerated statements (the “pump”) and then sells them to profit from the inflated prices (the “dump”).
6. Musk highlights the low cost of transactions
In addition to believing in the appreciation of cryptoassets and the concept of decentralized finance, Tesla’s CEO also points out that the advantage of bitcoin is the possibility of conducting transactions at a low cost.