Speaking at the B-word virtual event on Wednesday, July 21, Elon Musk naked that the SpaceX manufacturer has invested its own assets in Bitcoin since Tesla’s acquisition of Bitcoin earlier this year.

B-word organized a free virtual event Jack Dorsey, who invited Elon Musk to speak at the conference. Speaking at the event alongside Dorsey, Musk revealed that he personally owns a huge amount of Bitcoin and a smaller amount of Ethereum:

“The only meaning I own outside of Tesla and SpaceX is Bitcoin, and then some Ethereum and Dogecoin; If the price of bitcoin goes down, I will lose money. I could pump, but I’m not pouring … I’d like to see bitcoin work, ”

Musk also added that Tesla could soon begin accepting Bitcoin payments once the company has exercised due diligence in assessing the real impact of the cryptocurrency on climate change. “There seems to be a positive trend in bitcoin’s energy use,” he noted.

Meanwhile, Musk mentioned that Tesla will continue to accept Bitcoin payments when the amount of renewable energy is “at least 50% and that the trend is growing.”

Despite the recent price feed, he clarified that he has no plans to sell Bitcoin in person or through Tesla and SpaceX. In addition, Musk hinted that negative interest rates in Europe could force Tesla to invest more of its balance sheet in Bitcoin.

Musk also asked Dorsey if he plans to accept Bitcoin payments from advertisers on Twitter. “Let’s do it,” Dorsey replied in the affirmative.

Bitcoin expands rally

Elon Musk, founder and CEO of both Tesla and SpaceX, is one of the world of sound in the world of encryption. He often uses his Twitter account to send different encryption tokens and often causes wild fluctuations in his values.

Tesla once admitted Bitcoin as a payment method in February, when the company bought $ 1.5 billion in Bitcoin.

However, in May, Musk caused confusion in the cryptographic sector will be reported that Tesla would stop accepting Bitcoin payments due to the huge amount of energy to dig into the encryption and reduce its value.

Since then, also China cracked down the encryption in the mining and trade and expelled the encryption excavators from the ground. New data from the University of Cambridge shows that several miners are now moving to the United States, which is now the second largest center for cryptographic miners in the world.

Musk’s comments show that he still has significant power in the cryptographic market. The price of Bitcoin fell below $ 30,000 on Monday, July 19, when it rose to an all-time high in April, to over $ 63,000. But yesterday, after a billionaire investor revealed more information about Tesla’s plan to reopen accepting Bitcoin payments, the price of the flagship cryptocurrency rose 8% to $ 32,018 during the day.

Image source: Shutterstock

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