SpaceX is the Latest Musk-Owned Company to Buy BTC
Elon Musk has revealed that his private rocket company, SpaceX, does have significant Bitcoin investments alongside BTC purchases made by Tesla and Musk himself earlier in the year.
Speaking at a virtual conference meeting, the Tesla and SpaceX founder also admitted to having digital currencies other than Bitcoin (BTC).
In Musk's own words, “The only thing I own of any significance beyond Tesla and SpaceX stock is Bitcoin, and then some Ethereum and Dogecoin.”
Despite his February purchase of BTC worth $1.5 billion, Musk's stand on the currency has been rather cautious. This is considering his reservations for Bitcoin as a non-green coin, and his inspired support of DOGE.
However, alongside sharing a renewed concern for the environment, Elon revealed that aerospace tech company, SpaceX, did have BTC investments. Although the billionaire founder did not reveal exactly how much, he admitted to personally owning a substantial amount of BTC as well, effectively making him and his companies all holders of BTC.
Musk says he does not have intentions of selling Bitcoin soon and hopes to see its success in the nearest future.
The virtual conference meeting where the news has been revealed, "The B Word", hosted ardent crypto advocates like Cathie Wood, CEO of ARK Invest, and Jack Dorsey, Twitter’s Founder and CEO.
Why Would Musk Support Bitcoin Now?
With one eye fixed on Musk's history with the crypto industry, a number of crypto enthusiasts are sitting on the fence regarding the billionaire's newfound support for Bitcoin. A fairly reasonable stance, especially after Tesla's reversal of its decision to accept payments in Bitcoin sent the price of the digital currency on a downswing. Clearly the billionaire is aware of his influence, just as crypto devotees are aware and wary of it, too.
Even as Musk expressed surprise at the incessant fluctuation of the capital balance in his bank account, he joked that promoting Bitcoin would only have a positive impact on him. “If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump,” he said.
Musk says Tesla will begin accepting cryptocurrency payments when greater progress has been made towards the total adoption of sustainable energy. Since Musk’s statements, Bitcoin has recovered from its past slump and currently trades at $32,284.
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