22 Jul 2021 10:36 AM +00:00

Elon Musk Cryptocurrency Holdings: Tesla CEO Reveals He Owns Bitcoin, Ethereum And Dogecoin

Tesla CEO and self-described 'Dogefather' Elon Musk has disclosed his cryptocurrency holdings at the B Word event that took place yesterday.

Speaking on a panel alongside Twitter CEO Jack Dorsey, Musk revealed he personally holds bitcoin, Ethereum, and Dogecoin.

"I do own Bitcoin, and Tesla owns it, and SpaceX owns it," he said. "And I own a little bit of Ethereum and, of course, Dogecoin."

"I pump, but I don't dump"

The revelation that Musk personally owns bitcoin may come as a surprise to some, given Musk's previous comments on the environmental impact of bitcoin mining.

Musk described himself as a "supporter of bitcoin" who would like to see it succeed but reaffirmed the environmental problems of its Proof-of-Work mining set-up.

While Tesla no longer accepts bitcoin, the door is not completely shut -which is something the CEO also touched on.

Advertisement

"I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%," he said, referencing previous comments in which he vowed Tesla would accept bitcoin once 50% of its mining energy comes from renewable sources.

"Tesla's mission is accelerating the advent of sustainable energy," he continued. "We can't be the company that does that and also not do appropriate diligence on the energy usage of Bitcoin."

However, Musk did state he believes it is "most likely" that Tesla will accept bitcoin again in the future.

Bitcoin, Ethereum and Dogecoin all briefly rose in price on Wednesday night, with Ethereum reaching the $2,000 price on several occasions.

While Musk only mentioned BTC, ETH and DOGE, this does not rule out the Tesla CEO also holding other cryptocurrencies. He has previously indicated his support for Baby Doge Coin, for example.

Musk also said that despite the recent volatility of the cryptocurrency market, he has not been tempted to sell. "If the price of bitcoin goes down, I lose money. I might pump but I don’t dump," he said.

Read More: Coinbase CEO issues response to Dogecoin co-founders criticism of crypto

*Gfinity Esports may receive a small commission if you click a link from one of our articles onto a retail website and make a purchase. As an Amazon Associate, we earn from qualifying purchases. For more information, see our Cookie Policy. All prices listed were accurate at the time of publishing.