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Elon Musk starts delivery of Model S to Chinese customers

Elon Musk talked about cryptocurrencies in-depth during The B Word conference, revealing that he personally holds Bitcoin, Ether and Dogecoin.

Tesla And SpaceX Hold Bitcoins

The CEO of Tesla and SpaceX, Elon, Musk has revealed that the companies hold bitcoins. Musk made this known in a discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood at the ongoing The B Word conference.

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Tesla purchased $1.5 billion worth of bitcoins in February, with the investment rising to $2.5 billion before the bear cycle began. However, Musk never disclosed that SpaceX also owned bitcoins until the event yesterday.

The CEO admitted that he is a huge fan of Bitcoin despite his recent skepticism towards proof of work concepts. He admitted that he only holds the Tesla stocks and three other valuable assets; Bitcoin, Dogecoin and Ethereum.

Elon Musk stated that he never dumped Bitcoin and doesn’t intend to part ways with his cryptocurrency investments soon. He stated that he owns more bitcoins than ether and Dogecoin. He believes that Bitcoin cannot be the monetary system of the world at the base layer. However, if implemented properly, it can serve that function at the second layer.

Musk revealed that SpaceX is playing a role in Bitcoin’s future. However, he didn’t clarify how the space company intends to shape the future of the cryptocurrency market.

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Tesla will likely start accepting Bitcoin again

Tesla suspended Bitcoin as a payment option for its electric vehicles due to the energy concerns. However, Elon Musk stated that the company is planning to start accepting it again soon. He said, “It looks like bitcoin is shifting a lot more toward renewables, and a bunch of the heavy-duty coal plants that were being used has been shut down, especially in China.”

BTC/USD chart. Source: FXEMPIRE

With Bitcoin mining shifting to renewable energy, Elon Musk said Tesla would likely start accepting the cryptocurrency again as payment for its electric cars. The cryptocurrency market has been rallying for the past few hours, with Bitcoin surging by over 4% to cross the $32k mark again. Ether and Dogecoin are also rallying at the time of this report.

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