- Scaramucci, a renowned hedge fund manager, alleges that Musk owns $5 billion in BTC, ranging from Tesla’s $1.5B stash to SpaceX and in his personal capacity.
- Scaramucci’s speculation has yet to be proven as SpaceX is a private company and doesn’t file its financials.
Elon Musk might be one of the biggest Bitcoin owners in the world, both through his two companies and in a personal capacity. This is according to Anthony Scaramucci, a renowned hedge fund manager. He speculated that the ‘Technoking of Tesla’ didn’t stop with Tesla’s $1.5 billion Bitcoin purchase.
Scaramucci is the founder of Skybridge Capital, a firm that offers registered funds of hedge funds products. He has previously served as the White House communications director during the Trump administration. He recently took to Twitter to claim that “Elon Musk didn’t stop with Tesla. I understand that SpaceX owns Bitcoin on its balance sheet.”
According to Scaramucci, the Tesla CEO owns $5 billion worth of Bitcoin.
Musk is one of the most vocal Bitcoin supporters globally, with his tweets even moving the crypto’s market. In the biggest show of his belief in Bitcoin, his electric vehicle giant Tesla purchased $1.5 billion worth of the cryptocurrency. He would later defend the purchase, claiming that having Bitcoin is less dumb as a form of liquidity than cash.
While Scaramucci’s speculation can’t be verified as SpaceX is a private company, the cryptocurrency industry has already started joining dots on why this could be a strong possibility. They include the fact that the company sent Richard Lee, its senior treasury director, to Microstrategy’s Bitcoin conference.
Clean energy titan vs. Bitcoin’s energy consumption
One of the criticisms that Bitcoin continues to face is its energy consumption. The cryptocurrency’s miners use energy-intensive mining rigs to crunch computations that are the bedrock of Bitcoin’s proof-of-work consensus mechanism.
Over the years, Bitcoin critics have drawn several comparisons to illustrate how much energy miners consume. “Bitcoin uses more electricity per transaction than any other method known to mankind. It’s not a great climate thing,” Microsoft founder Bill Gates stated recently. Gates has been a Bitcoin critic for years.
In yet another new study by data scientist Alex de Vries, he revealed that Bitcoin consumed more energy than Australia last year. “This is not far from the amount of energy consumed by all data centers globally,” he stated.
The high energy consumption goes against Musk’s ethos, with the tech titan being an icon for green initiatives. However, according to Scaramucci, Bitcoin’s future will involve much less energy consumption. In addition, most miners will use renewable energy.
“The idea that Elon Musk would invest in a “dirty asset” is absurd. Future of bitcoin mining is renewable energy,” he tweeted.
Elon Musk sees the future: 1) Renewables will replace fossil fuels. 2) Bitcoin demonetizes gold, RE, equities and art + becomes dominant store of value. Answer to energy FUD is Elon Musk.
Scaramucci’s Skybridge Capital recently applied for the elusive Bitcoin ETF approval with the SEC. The SEC has shot down several other applications. However, with the Canadian market leaping ahead of the US this year with the launch of an ETF, Scaramucci believes 2021 will be the year.
“I do believe that this will be an approval process that happens in 2021. I think that the success of the Canadian funds will make it a little bit easier for the US regulators,” he remarked.