At the Bitcoin event “The ₿ Word,” Elon Musk said that owns Bitcoin, Dogecoin, and Ethereum. Musk revealed the details in conversation with Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood.
Elon Musk and Jack Dorsey had agreed to talk about Bitcoin a while ago. This discussion was a result of the Twitter conversation between the two. Musk also added that he owns “far more” Bitcoin than Dogecoin or Ethereum. He also said that Tesla and SpaceX also Bitcoin and neither he, not his companies plan on selling it.
Musk Says: “I might pump but I don’t dump”
These are the exact words Musk used to describe his ownership of cryptocurrency. He said “If the price of bitcoin goes down I lose money. I might pump but I don’t dump.” So in clear words, Elon Musk owns Bitcoin and isn’t planning on decimating the cryptocurrency.
Musk also revealed that Bitcoin is his largest holding outside of Tesla and SpaceX stock.
Elon Musk’s tweets on cryptocurrency have resulted in skyrocketing the prices of Dogecoin. Earlier, the Tesla CEO also put a halt to the company accepting Bitcoin payment for Tesla cars. He had given the reason that Bitcoin mining was not environment-friendly.
A hacker group named Anonymous also targeted Elon Musk, accusing him of manipulating cryptocurrency value through his tweets. While Musk didn’t pay heed to it, his revelation about Bitcoin, Dogecoin, and Ethereum ownership says a lot about Musk’s personal interest in keeping Bitcoin afloat.
In summation, Elon Musk’s talk at The ₿ Word event has been largely positive about Bitcoin. Elon Musk and cryptocurrency has been a hot topic for discussion, often leading to heated arguments on Twitter. This time though, Musk’s words should be of some relief to fellow Bitcoin owners. It remains to be seen how his future tweets affect the crypto market now.