Despite his previous critiques of Bitcoin, Tesla entrepreneur Elon Musk reaffirmed on Wednesday that he is still a “supporter” of the cryptocurrency, confirming that he and both of his companies—SpaceX and Tesla—own some, but he restated his worries about the currency’s environmental impact.
While speaking at the “B Word” conference with Twitter CEO and fellow Bitcoin supporter Jack Dorsey, the Tesla creator and CEO spoke up about his own holdings. Also speaking was ARK Invest’s Cathie Wood.
Musk’s Current Thoughts on Bitcoin and Crypto
Musk said that he supports Bitcoin “in general,” but expressed worry about the cryptocurrency’s mining effect on the environment. Musk, who stressed that he and all of his businesses have interests, revealed for the first time that SpaceX, his private space exploration company, also owns Bitcoin.
He also said that he is interested in promoting Bitcoin since he has a personal stake in it,
“If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump.”
Musk also disclosed that he owns Ethereum, which pushed the Bitcoin competitor’s price over $2,000, as well as Dogecoin, a joke cryptocurrency that he has been particularly interested in recent months.
Musk also said that he is a “fan” of decentralized finance, which is an umbrella word for a certain kind of bitcoin money management software. Ethereum is the foundation for the majority of decentralized financial protocols and exchanges.
In addition, Musk recognized that Bitcoin has made progress with regard to sustainability. “It looks like Bitcoin is shifting heavily toward renewable energy use,” he said.
The price of ethereum surged Wednesday afternoon after Elon Musk, the CEO of Tesla and SpaceX, revealed he owned the cryptocurrency at the Crypto Council for Innovation’s The B Word conference.
After Musk’s remark, Ethereum, which had been rising all day, hit a new high for the session. It was up more than 12% at the time of writing, close to the day’s highs.
The B Word Conference
The B-Word Conference featured Dorsey and other notable speakers. Square is co-sponsoring the event alongside investment firms ARK Invest and Paradigm, as well as the Crypto Council for Innovation.
At the online session, Dorsey and Musk were joined by ARK Invest founder, CEO, and CIO Cathie Wood, Blockstream co-founder and CEO Adam Back, and famous Bitcoin developer John Newbery.
Michael Morell, a former CIA acting and deputy director and current senior counsel at Beacon Global Strategies, was also in attendance.