Elon Musk, the CEO of Tesla, stated on Wednesday that he did make investments in bitcoin and other digital currencies. However, he said he didn’t manipulate or “dump” them. Particularly, Ethereum, Bitcoin, and Dogecoin are those cryptocurrencies Elon Musk invested in. Musk stated he supports digital currencies as a means to enhance the power of the citizens in respect to the government in an online meeting that included Twitter and Square founder Jack Dorsey, Musk admitted that he makes a loss when the price of bitcoin or other digital currencies falls, but he chose not to sell them.
In the forum sponsored by the Crypto Council for Innovation, he said that “I pump but I don’t dump […] “I would like to see bitcoin succeed.”
Musk anticipated that Tesla would resume supporting bitcoin as a payment method for its car sales, which he had halted due to worries about the digital currency’s high electricity consumption for “mining.”
He stated, “Tesla’s mission is accelerating the advent of sustainable energy. We can’t be the company that does that and also not do appropriate diligence on the energy usage… now the it looks like bitcoin is shifting a lot more towards renewables.”
Dorsey, whose Square digital payments company previously revealed intentions for a bitcoin wallet, stated he believes in bitcoin as a means to lower transaction costs and enhance people’s lives.
He views bitcoin as a native currency for the internet, allowing more individuals to perform overseas transactions and supporting a variety of online business models, according to him.
Bitcoin, he added, helps to create so many new business models for Twitter, such as reducing its reliance on advertising.
“We can’t just see this as an asset that we own and an investment vehicle is something that has the potential to change everything and make the lives of everyone was kind of better in some small, maybe marginal way. […] My hope is that it creates world peace”, he stated.