Elon Musk has long been a proponent of cryptocurrency, and now the SpaceX CEO has for the first time acknowledged that his privately held aerospace company also holds bitcoin.
Musk revealed his key assets that power his huge fortune when speaking at the B-Word conference, an event organized by the Cryptocurrency Council for Innovation, with the connections of Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood.
This, of course, is on top of Tesla’s investment of $ 1.5 billion (about Rs.11,150 billion) in the world’s largest and oldest digital coin, which has suffered badly in recent weeks, just a few months after its peak of over $ 60,000. (approximately Rs. 45 lakhs).
Musk’s fortune, like that of most billionaires, is concentrated in a few names and he owns only one public company.
Bitcoin and Ethereum
Musk announced that SpaceX has Bitcoin while speaking at a Bitcoin-focused conference (around the 8-minute mark during the video conference). However, Musk did not disclose the size of SpaceX’s Bitcoin investment. The 50-year-old business mogul admitted to owning Bitcoin and Ethereum, the second most popular cryptocurrency.
How much bitcoin does he own?
“The bitcoins I own are far more valuable than the Ethereum or the Doge I own,” Musk noted at the conference on Wednesday. Musk went on to say that both SpaceX and Tesla hold Bitcoin and that he is open to Tesla adopting Bitcoin as a payment method as Bitcoin mining becomes more energy efficient.
Are you wondering if Musk has Dogecoin? Yes he has. Musk stated that he invested in the Shiba-Inu face-themed digital money, which started as a joke but grew in popularity after being supported by celebrities.
Musk, also known as “the Dogefather,” has long been a proponent of meme-inspired cryptocurrency and often makes jokes about it. In May, in anticipation of Musks hosting Saturday Night Live, Dogecoin hit a high of $ 0.75. Dogecoin has lost more than 70% of its value since its peak.
His bitcoin hope
Musk stressed the use of proof of work that uses a little too much energy and is not always environmentally healthy with cryptocurrency, especially Bitcoin.
He also used the platform to express his desire for Bitcoin to flourish. Musk also stated in no uncertain terms that neither SpaceX nor himself wanted to give up Bitcoin. “I will lose money if the price of bitcoin falls. “I pump, but I don’t tip,” he explained. Musk said he didn’t believe in overpricing and then selling. Bitcoin’s success is something he said he would like to see.
Aside from the above investments, Musk stated that he has stakes in two of his early private companies, Neuralink and The Boring Company, although those investments are negligible compared to the others.
And as we’ve seen so many times over the past few months, a tweet from Musk can change the price of those tokens. It did so again on Wednesday as Ethereum prices rose over 9% when it traded at Rs 1,48,401 on Thursday morning. On Thursday, Bitcoin rose 6.54 percent to 24,00040 rupees. Dogecoin, which ended last week at 13.16 rupees, rose 6.51 percent to 14.82 rupees on Thursday.