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'I want it to succeed': Elon Musk’s surprise statement on crypto

·2-min read
Elon Musk smiles as he walks on the street. The Tesla logo i the background and a Bitcoin in the foreground on a black backdrop.
Elon Musk has revealed which digital currencies he and his companies own while speaking at a conference (Source: Getty)

Elon Musk has been known to cause a stir in the crypto community and it appears that hasn't changed after he revealed the digital currencies he owns and his plans for the future.

Musk revealed he personally owns Bitcoin, Dogecoin and Ethereum while his companies Tesla and SpaceX also own Bitcoin.

“I would like to see Bitcoin succeed,” Musk said while speaking at “The B Word” Conference hosted by the Crypto Council for Innovation.

“If the price of Bitcoin goes down, I lose money. I might pump but don’t dump.”

Musk also revealed that he was coming around to Bitcoin more as there is an increased focus on moving towards renewable energy in the mining process.

“It looks like Bitcoin is shifting more toward renewables. I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50 per cent,” Musk said.

He even suggested that mining operations could look towards utilising nuclear, hydroelectric or geothermal energy for power.

Additionally, Musk said he was frustrated with negative interest rates in Europe and floated the idea that he may look to move that money into Bitcoin instead.

Bitcoin was up around 8 per cent after the conference with Doge and Ethereum both up around 11.3 per cent.

Musks complicated relationship with Crypto

In May this year Musk said his electric car company Tesla would no longer accept Bitcoin as a form of payment, sending the price of Bitcoin plummeting.

The Tesla founder said he had concerns about the environmental impact and the use of fossil fuels for Bitcoin mining and transactions.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk said at the time.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.”

At the same time Musk has been an avid supporter of Dogecoin but his statements have also caused the price to plummet a couple of times.

After his appearance on Saturday Night Live where he called cryptocurrency a “hustle” the price of many cryptos crashed.

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