“SpaceX, Tesla and I own Bitcoin,” Elon Musk said at a Bitcoin conference today. Although Tesla no longer allows people to pay for cars with Bitcoin, the automaker has not sold its Bitcoin, he said. “We don’t sell Bitcoin, I don’t sell anything personally or SpaceX doesn’t sell Bitcoin.”
Additionally, Musk revealed that he owned Ethereum and – unsurprisingly – Dogecoin. The price of Ethereum, which was already rising today, rose further on the unveiling. Dogecoin rose to nearly 21 cents early in the panel, before falling to around 19 cents at the end of the panel, according to Coindesk data. Musk spoke on a panel with Jack Dorsey, CEO of Twitter and payment company Square, and Cathie Wood, the founder and CEO of ARK Invest.
In February, Tesla announced it had invested $1.5 billion in Bitcoin; some of that investment was sold in the first quarter for a profit of $101 million. Tesla started accepting Bitcoin in late March and abruptly returned in May, just 49 days later. The change was due to concerns about Bitcoin’s energy consumption — and Tesla said it would resume Bitcoin adoption when mining became more environmentally sustainable.
“I may be pumping, but I’m not dumping,” Musk said today. “I absolutely don’t believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”
Musk has courted the disgrace of some investors by clashing with people who believe Bitcoin is the only valuable cryptocurrency. Musk has said Dogecoin can “beat Bitcoin hands down”. Tesla’s reversal of Bitcoin as a payment method contributed to a crash in Bitcoin’s value in April. Bitcoin’s Depreciation May Have Cost Tesla $90 Million Business Insider estimated in June.
At one point, Musk asked Dorsey if he would accept Bitcoin as payment for ads on Twitter. Dorsey dodged the question, although he had previously promoted his Bluesky project, first announced in December 2019. In January of this year, things didn’t seem to have gotten much further – Dorsey wrote that Twitter is still “in the process of interviewing and hiring people” for Bluesky. “My main focus right now is on a decentralized social media protocol, we call it Bluesky,” he said today. “It’s super, super early.”
But Dorsey’s ambitions for Bitcoin are high, even if he doesn’t think Twitter should accept it as payment. “My hope is that it creates world peace,” Dorsey said of the cryptocurrency.