Cryptocurrency: Musk: Tesla and SpaceX continue to bet on Bitcoin

Cryptocurrency
Musk: Tesla and SpaceX continue to rely on Bitcoin

Tech billionaire Elon Musk has once again made clear his support for cryptocurrencies like Bitcoin. Photo: Britta Pedersen / dpa-Zentralbild / dpa-pool / dpa

© dpa-infocom GmbH

Thanks to Elon Musk, the recently badly shaken crypto market is happy about price increases. The tech billionaire reaffirmed his support for digital currencies at the industry conference “The B Word”.

Tech billionaire Elon Musk has once again made clear his support for cryptocurrencies like Bitcoin.

At the industry conference “The B Word”, the star entrepreneur affirmed that his electric car manufacturer Tesla remains open to Bitcoins despite environmental concerns due to the high power consumption. “Tesla will very likely accept Bitcoin again (as a means of payment),” said Musk. His space company SpaceX also owns Bitcoins and has no plans to sell them.

Musk emphasized, however, that the environmental balance of the oldest and best-known cryptocurrency had to get better – in the case of Bitcoin production called “mining” through complex computer processes, at least 50 percent of the electricity consumption should come from renewable energies. Musk made no secret of his sympathy for digital currencies at the conference, where other prominent crypto fans spoke to Twitter boss Jack Dorsey and Cathie Wood from Ark Invest. In addition to Bitcoins, he also holds Ethereum and Dogecoin privately.

The recently badly shaken crypto market reacted with strong price increases to Musk’s statements. Bitcoin, which fell below the $ 30,000 mark on Tuesday, shot up to $ 32,800 at times. The second largest cyber currencies Ethereum and Dogecoin also grew strongly. Musk has been chasing the prices up and down the market for a long time. In February, he announced that Tesla had invested heavily in Bitcoin and would soon be accepting payments with it. He took the latter back a few months later because of environmental concerns, which put a heavy burden on the Bitcoin price.

Basically, Musk has always been in favor of cryptocurrencies, and so now again. “I would like to see it when Bitcoin is successful,” said the Tesla boss. If the price falls, he will lose money too – as he has no intention of parting with his bitcoins. The discussion with Dorsey and Wood also dealt with the supposed advantages cyber currencies could have for the cash management of companies in general. The fact that Tesla has to pay negative interest on bank balances in Europe, for example, drives him “crazy,” says Musk. The money should better be put in Bitcoin.

dpa

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