Bitcoin price surge after Musk confirms he owns some cryptos

Speaking at a conference hosted by the Crypto Council for Innovation, Musk said he has personally invested in Bitcoin, Ethereum and Dogecoin, while both Tesla and SpaceX have bitcoin.

 

Musk talked about his investments, with Cathie Wood, head of Ark Invest, and Jack Dorsey, CEO of Twitter and Square.

 

Following these statements, the price of bitcoin rose to $32000, after trading at around $30000. “I want to see bitcoin succeed. If the price goes down, I lose money. I might pump, but don’t dump,” Musk said.

 

He added that Tesla will probably accept bitcoin again for purchases as soon as its extraction is less harmful to the environment.

 

“It seems that bitcoin is moving towards more renewable energy sources. I wish to do a bit of diligence in order to confirm that the rate of renewable energy use is at 50% or more,” he said, adding that hydroelectric, geothermal and nuclear energy could be good sources of energy for bitcoin mining.

 

Wood said companies should consider including bitcoin in their balance sheets. She noted that the FASB (Financial Accounting Standards Board) should reconsider how it classifies bitcoin as credit institutions should reduce the value of their cash when prices fall.

 

As for Tesla, Musk noted that its bank deposits in Europe have negative interest rates. “This is driving me crazy,” he said.

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