Certain names have become associated with cryptocurrencies on the internet; Elon Musk is one of such names. The CEO of Tesla and one of the richest men in the world is known to be a big advocate of cryptocurrencies. From Tesla accepting Bitcoin to tweeting in support of Dogecoin, Musk has become a central figure in the crypto world. His actions and words have earned him admirers and enemies within the community, but one thing that remains undisputed is the influence that he commands.
The B Word
At a recent Bitcoin event tagged “The B Word,” Elon Musk mentioned that he owns Bitcoin, Doge, and Ethereum. He said this while talking about his interest in seeing Bitcoin successful. In his words, Outside of Tesla and SpaceX stock, it’s my largest holding.”
He also pointed out that not only is Bitcoin his largest cryptocurrency holding, but his also an hodler. According to him, “I might pump, but I don’t dump.” Also at the event were Twitter CEO Jack Dorsey and the CEO of Ark Investment, Cathie Wood. The Crypto Council for Innovation organized the conference. Its goal was to “demystify, destigmatize, and correct the mainstream narrative” about Bitcoin. It also seeks to promote its institutional acceptance and usage.
Bitcoin as Payment
Musk also talked about Tesla stopping the acceptance of Bitcoin as payment. He clarified the situation, pointing out that Tesla will likely start accepting Bitcoin again. It only needs to determine how much renewable energy is used in mining the digital currency. He believes renewable energy usage is up to 50% or higher but wants confirmation before finding ways to increase the usage.
The crypto world reacted very positively to Musk’s remarks. While it is impossible to tell how much impact his statements had on the market, the three cryptocurrencies that Elon Musk owns have been on an upward trend since he made his remarks in late July. At the time when he made the statement, Bitcoin was worth around $32,000. It is now worth over $45,000. Marking a remarkable rise since it went under $30k back on July 19.
This is not the first time that Elon Musk will speak about his ownership of cryptocurrency. In the past, he has tweeted about buying Dogecoin for his son. On other occasions, he has mentioned that Tesla is still holding the Bitcoin it purchased early this year. However, he has rarely said anything in support of Ethereum before now, even though he has spoken and tweeted his support of Bitcoin and Dogecoin many times.
In fact, he once claimed that Ethereum founder Vitalik Buterin is afraid of Dogecoin. Thus, his statement that he owns Ethereum and is not planning to sell it was a welcome development for Ether. The price of the cryptocurrency rose after Musk made the statement. Ethereum has also rebounded after dropping below $2k back in June. The digital currency is now worth over $3,000.
Although it is generally advised not to buy cryptocurrencies simply based on the words of a famous person, the crypto community is one where the views and opinions of some people can influence the market direction. Elon Musk has become one of such people, which is unlikely to stop anytime soon.