Technology

Elon Musk Confirms SpaceX Is Holding Bitcoin


Elon Musk has been a staunch supporter of every little thing crypto and now, the SpaceX CEO has for the primary time admitted that his privately-owned aerospace firm additionally owns Bitcoin. This is, in fact, in addition to Tesla’s funding of $1.5 billion (roughly Rs. 11,150 crores) on the planet’s largest and oldest digital token that has struggled so much in the previous couple of weeks inside months of peaking at over $60,000 (roughly Rs. 45 lakhs). 

Speaking at The B Word conference, an occasion hosted by the Cryptocurrency Council for Innovation, within the firm of ARK Invest CEO Cathie Wood and Twitter CEO Jack Dorsey, Musk confirmed that SpaceX does maintain Bitcoin (at across the 8-minute mark through the video convention). However, he did not disclose the extent of SpaceX’s funding in Bitcoin. The 50-year-old enterprise magnate did point out that he personally owned Bitcoin and Ethereum, the second hottest cryptocurrency. Wondering if Musk owns something in Dogecoin? The reply is sure. Musk revealed that he has personally invested within the Shiba-Inu face-themed digital forex that began as a joke however obtained common on the Internet after receiving support from celebrities.

Musk as soon as once more confirmed that he was dedicated to cryptocurrency normally, saying, “One thing you do need to watch out for with crypto, especially Bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”

He also used the platform to reiterate that he wanted to see Bitcoin succeed. Besides, Musk unerlined neither SpaceX nor he personally wanted to part ways with Bitcoin. “If the price of Bitcoin goes down I lose money. I might pump but I don’t dump,” he said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”

And just as we have seen on so many occasions in the past few months that a tweet from Musk is capable of altering the prices of these tokens, it happened again on Wednesday when prices of Ethereum were up nearly 9 percent as it traded at Rs 1,48,401 on Thursday morning. Bitcoin rose by 6.54 percent and opened at Rs 24,00,040 on Thursday. Dogecoin, that closed at Rs 13.16 last, opened at Rs 14.82 on Thursday, up 6.51 percent.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is obtainable on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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