Crypto Jumps After Elon Musk Confirms He and His Companies Still Own Bitcoin

‘We’re not selling any bitcoin, nor am I selling anything personally.’

Tech 
1,330 Hypes 0 Comments

Bitcoin and other cryptocurrencies rose on Wednesday after Elon Musk confirmed that he and some of his companies are still invested in them.

During a conference hosted by the Crypto Council for Innovation on Wednesday afternoon, Musk doubled down on his support.

SpaceX, Tesla, and I own bitcoin,” he said, adding that he also owns ethereum and dogecoin. “We’re not selling any bitcoin, nor am I selling anything personally nor is SpaceX selling any bitcoin.”

“I might pump but I don’t dump,” he explained. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”

Speculation over Musk’s investment in cryptocurrency came after he announced in March that Tesla would begin accepting bitcoin as a form of payment for its electric vehicles before recanting the measure in May. At the time, he tweeted that the company was “concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

However, Musk said that if bitcoin moved away from fossil fuels, Tesla may resume accepting the coin.

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent and that there is a trend toward increasing that number,” he said. “If so, Tesla will most likely resume accepting bitcoin.”

Musk’s confidence in the cryptocurrency sent the price of the coin skyward on Wednesday, reaching a high of about $32,800 USD before tapering downward, according to CoindeskEthereum and dogecoin also saw increases of about 13 percent each.

In other news, Musk bought a ticket to fly aboard Richard Branson’s Virgin Galactic spaceflight.

Read Full Article

What to Read Next

Dogecoin Price Soars After Elon Musk Reveals He's Working on Transaction Efficiency of Crypto
Tech

Dogecoin Price Soars After Elon Musk Reveals He's Working on Transaction Efficiency of Crypto

The power of a single tweet.

Bitcoin Drops 5% After Elon Musk Tweets Breakup Meme
Tech 

Bitcoin Drops 5% After Elon Musk Tweets Breakup Meme

He tweeted a broken heart emoji alongside the hashtag #bitcoin.

Bitcoin Value Takes an 8.5% Dip After Elon Musk's One-Word Tweet
Tech

Bitcoin Value Takes an 8.5% Dip After Elon Musk's One-Word Tweet

Musk has also clarified that Tesla has not sold any of its Bitcoin assets.


Bitcoin Price Rebounds 17% Following Elon Musk's "Potentially Promising" Tweet
Tech

Bitcoin Price Rebounds 17% Following Elon Musk's "Potentially Promising" Tweet

The rollercoaster ride continues.

"Vices" by T-REX Delivers a Range of Wearable Art
Fashion

"Vices" by T-REX Delivers a Range of Wearable Art

Centered around two works from artist Tyler Rexeisen.

Khalid’s Music Video for 'New Normal' Is a Glimpse Into a Not-So-Distant Future
Music

Khalid’s Music Video for 'New Normal' Is a Glimpse Into a Not-So-Distant Future

Featuring self-driving cars and drone delivery robots.

Valve is Paying Fans to Create ‘Counter Strike’ Weapons Skins
Gaming

Valve is Paying Fans to Create ‘Counter Strike’ Weapons Skins

$1 million USD is up for grabs.

Nike ACG Mountain Fly Low Is Back in "Flash Crimson" and "Brown Basalt"
Footwear

Nike ACG Mountain Fly Low Is Back in "Flash Crimson" and "Brown Basalt"

Both inspired by the lava and mountains of Hawaii.

Daniel Arsham to Release "TROPICAL CAVE OF ZEUS" Print
Art

Daniel Arsham to Release "TROPICAL CAVE OF ZEUS" Print

Neatly packaged in a silver and linen embossed tube with Arsham’s art handling gloves to match.


Louis Vuitton Unveils Luxe NBA Finals Trophy Case
Sports

Louis Vuitton Unveils Luxe NBA Finals Trophy Case

Featuring its monogram logo and a rich cobalt blue interior.

A New Documentary About the Future of Crypto Is in the Works
Tech

A New Documentary About the Future of Crypto Is in the Works

Delving into blockchain-backed exchanges with Ethereum founder Vitalik Buterin and several other developers.

Robert LeBlanc Releases NFT's in Anticipation of His New Book
Art

Robert LeBlanc Releases NFT's in Anticipation of His New Book

Which come with a range of limited-edition perks.

Nike Air Max BW "Black Violet" Flips a Classic
Footwear

Nike Air Max BW "Black Violet" Flips a Classic

A remixed take on the OG Air Max BW “Persian Violet.”

For Alexander McQueen’s SS22 Collection, Imagination Is the Ultimate Form of Escapism
Fashion

For Alexander McQueen’s SS22 Collection, Imagination Is the Ultimate Form of Escapism

Inspired by English poet, painter and printmaker William Blake.


More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.