Billionaire Elon Musk spoke about his cryptocurrency portfolio, and revealed that in addition to Tesla, his aerospace company SpaceX also invested in bitcoins.
During The B-World conference, the CEO of Tesla and SpaceX said that he personally owns bitcoins. His crypto portfolio also includes Ethereum and DogeCoin.
“The three things I own outside SpaceX and Tesla (ticker: TSLA) are Bitcoin, by far, some Ethereum and some Dogecoin.”
Musk added that he has no plans to sell his bitcoins anytime soon.
“If the price of bitcoin goes down, I lose money. I might pump but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed."
Musk also said that in addition to Tesla, not only he invested in bitcoins, but also the aerospace company SpaceX. He did not specify the size of the investments.
“SpaceX, Tesla, and I own bitcoins. We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any bitcoin.”
He added that the possibility of placing a Bitcoin blockchain node on one of SpaceX's terminals is being considered.
Another idea Musk expressed in this conversation is to "put a bitcoin node in SpaceX Starlink terminals, so that way more people would be running bitcoin," which he said he has discussed with his team already.
According to Musk, the current negative deposit rates play into the hands of cryptocurrencies.
"Tesla's bank balances in Europe have negative interest rates ... It's quite annoying to see your bank balance drop in Europt... We definitely move that into bitcoin."
Musk also added that Tesla is likely to resume accepting bitcoins as payment once its cryptocurrency mining power is 50% dependent on renewable energy sources.
Tesla announced in February that it had invested $1.5 billion in bitcoins. Part of this investment was sold in the first quarter with a profit of $101 million. In addition, Tesla began accepting bitcoins as payment in late March, and in May, just 49 days later, it abruptly refused to accept payments for its vehicles in cryptocurrency due to the harm that mining causes to the environment. Musk explained that Tesla may resume accepting bitcoins when bitcoin mining becomes more environmentally friendly.