Elon Musk discusses Bitcoin approach in discussion with Jack Dorsey

Elon Musk is still a Bitcoin supporter. Photo Alliance via Christoph Gateau / Getty Images

Elon Musk was recently votedThe most hated person in cryptocurrencyOn Twitter, his infamous and unpredictable tweet caused a sharp price fluctuation in Bitcoin. But a millionaire who is reportedly owning a large portfolio of cryptocurrencies says volatility is hurting him like any other Bitcoin holder. “I might pump, but I won’t throw it away,” he said at an online event on Wednesday.

₿ At a ward conference titled “Bitcoin as a Tool for Economic Empowerment,” he spoke with Twitter CEO Jack Dorsey and founder of investment management firm ARK Invest, Cathie Wood, and Musk owns it outside of Tesla. Has revealed the only major investment and SpaceX has revealed Bitcoin, Ethereum, Dogecoin..

“When the price of Bitcoin goes down, I lose money,” Musk said. “I might pump it, but I won’t throw it away. I absolutely don’t believe in selling it at a higher price. I hope Bitcoin will succeed.”

Musk added that he owns far more Bitcoin than Ethereum and Dogecoin, and that both his companies, Tesla and SpaceX, also own Bitcoin.

Tesla in March Start accepting Bitcoin The announcement, as a payment method for electric vehicles in the United States, was seen as a huge token of cryptocurrency approval and led to a surge in Bitcoin’s dollar value.But two months later, Mask suddenly changed his mind and Tesla Will not accept Bitcoin As a payment, crypto trading, or mining, consumes too much energy and does not fit his mission to “accelerate the transition to sustainable energy in the world.”

“Cryptocurrencies are a good idea at many levels and we believe there is a promising future, but this cannot cost a lot to the environment,” he said in a statement through Tesla at the time.

At a meeting on Wednesday, Mr. Musk said Tesla is likely to resume accepting Bitcoin if its mining activities are sufficiently environmentally friendly. He spends 24 hours a day on cryptocurrency mining with a combination of solar, wind and fixed power, admitting that it won’t happen overnight due to the natural constraints of renewable energy sources such as solar and wind. He said it is possible to supply electricity 24 hours a day.

“As long as there is a conscious effort to move Bitcoin miners towards renewable energy, Tesla can support it,” he added.

Wednesday’s virtual panel discussion was moderated by Steve Lee, leader of Square Crypto, an initiative linked to Dorsey’s digital payments firm Square.The meeting is Sponsored by Crypto Council for Innovation.

Elon Musk discusses his Bitcoin approach at a webinar with Jack Dorsey

Elon Musk discusses Bitcoin approach in discussion with Jack Dorsey

Source link Elon Musk discusses Bitcoin approach in discussion with Jack Dorsey

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