At The BWord Event, Elon Musk Reveals That He Has A Cryptocurrency Other Than Bitcoin And Dogecoin, Namely Ethereum

JAKARTA – In a recent event titled "The B Word", Elon Musk and Twitter boss Jack Dorsey discussed the development of Bitcoin. In addition, Ark Invest CEO Cathie Wood also accompanied them. During the event, Musk explained that he is a supporter of Bitcoin.

He also publicly disclosed that Tesla and SpaceX own Bitcoin. In addition, Musk revealed that he owns three cryptocurrencies namely Bitcoin, Dogecoin, and Ethereum.

“If the price of Bitcoin goes down, I lose money”, Musk said.

Musk stated that he is also trying to fry the price of Bitcoin and not sell it because he just wants to see the cryptocurrency BTC succeed.

“I may fry the price, but I don't throw it away… I don't believe in any scheme of raising the price and then selling it or anything like that. I want to see Bitcoin succeed", he added as quoted by CNN International, Thursday, July 22.

The pump and dump scheme is a general term in the crypto world and stocks where the price tries to be raised (pumped) and lowered (dumb) after reaching its peak price.

However, the Tesla and SpaceX boss once again emphasized the environmental problems caused by Bitcoin mining activities because it consumes more fossil energy. The more complicated the mathematical puzzle that must be solved, the greater the energy consumed in the process.

“Tesla's mission is to accelerate the use of sustainable energy. We can't be the company that runs that with Bitcoin's current energy consumption. But right now Bitcoin seems to be turning more and more to renewable energy”, Musk said.

Therefore, Tesla will most likely accept Bitcoin payments back from its users. Especially when mining activities have used environmentally friendly energy.