Image: The ₿ Word
Tesla CEO Elon Musk said at the Bitcoin conference, "The ₿ Word," that he owns Bitcoin, Dogecoin, and Ethereum. He added that Tesla and SpaceX also own Bitcoin.
On July 21, Elon Musk spoke at "The ₿ Word" Bitcoin conference alongside Twitter CEO Jack Dorsey and Ark Invest CEO Kathie Wood. He was wearing an "evolution of money" t-shirt with Bitcoin being the final evolution.
Musk talked about X.com and PayPal, revealing that he had been thinking about money for a long time. “There’s definitely room for something that is better from an information theory standpoint,” Tesla CEO said comparing Bitcoin to systems like ACH.
“It’s fundamentally an information system, so it makes sense to support something that supports the quality of information with which we conduct the economy.”
The head of Tesla said that he is a supporter of Bitcoin and cryptocurrencies. “Internally I'm a supporter of Bitcoin and cryptocurrency in general.” In support of this thesis, Musk said that he, Tesla, and SpaceX own Bitcoin, thereby publicly confirming for the first time that his space company also acquired this cryptocurrency. “I do own Bitcoin, Tesla owns Bitcoin, and SpaceX owns Bitcoin.” Musk also said he owns Dogecoin and Ethereum, albeit in smaller quantities than Bitcoin.
In addition, at the meeting, the question was raised whether Tesla will start accepting Bitcoin as payment again. Musk previously said the company would resume payments in Bitcoin if its mining becomes more environmentally friendly. He confirmed that he sees a positive trend "...it does look like Bitcoin is shifting a lot more toward renewables, and that many of the coal-powered plants that were being used have been shut down in China." Musk also said that Tesla wants to make sure that renewable energy use in Bitcoin mining reaches 50% or more, and after that, the company will most likely resume accepting it.
"We want to do a little more due diligence that the renewable usage is at or above 50%, the most likely answer is that Tesla will resume accepting Bitcoin."
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.