Tesla and SpaceX CEO has revealed that SpaceX has invested its cash reserves in bitcoin, following on from Tesla’s announcement in May this year that it purchased $1.5 billion worth of the cryptocurrency.
The technology billionaire has a love-hate affair within the crypto community after his decision to allow bitcoin payments for Tesla vehicles contributed to a price rally that saw the cryptocurrency hit a new all-time high above $60,000 in April before an aggressive dump in May when the electric vehicle manufacturer suspended Bitcoin payments citing environmental concerns.
Speaking at The ₿ Word conference hosted by bitcoin mining council on Wednesday alongside Twitter CEO Jack Dorsey, Musk also revealed that he personally owns a significant amount of bitcoin, as well as a smaller amount of Ethereum and dogecoin.
“The only thing I own of any significance beyond Tesla and SpaceX stock is bitcoin, and then some ethereum and dogecoin,” he said.
“If the price of bitcoin goes down, I lose money. I might pump but I don’t dump… I would like to see bitcoin succeed.”
He also confirmed that he had no plans to sell bitcoin, either personally or through SpaceX and Tesla, despite the recent price slide.
On Tesla accepting bitcoin for car payments again, Musk said the Bitcoin network energy usage is improving and Tesla is doing some more due diligence on this, but that Tesla would “most likely” resume accepting BTC for payments.
Musk also asked fellow conference participant Jack Dorsey, the CEO of Twitter and Square, whether he would consider accepting bitcoin as payment from Twitter’s advertisers as a way to support the cryptocurrency.
Dorsey replied that he agreed with the concept but that he was more focused on creating “economic incentives in the network itself without having to rely on advertising.”
And on the subject of his favorite crypto dogecoin, about which he often tweets, Musk said he likes that the DOGE community is very irreverent and “has great memes and loves dogs, and I love dogs and memes.”
“The most ironic and entertaining outcome would be the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency,” Musk said, chuckling.