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Elon Musk has pulled it again. The cryptocurrency market soared beyond $32,000 on July 22 after Tesla CEO Elon Musk expressed his desire for Bitcoin to thrive.
The B Word
At a Bitcoin event called “The B Word” on Thursday, SpaceX CEO Elon Musk stated that he owned Bitcoin, Dogecoin, and Ethereum. Outside of his Tesla and SpaceX investments, reportedly, he claimed that cryptocurrency is his most valuable asset. “It’s my largest holding outside of Tesla and SpaceX stock,” Musk stated. Musk was speaking at the event alongside Jack Dorsey, the CEO of Twitter Inc. and Square Inc., and Cathie Wood, the Ark Investment Management CEO.
Elon Musk’s Confession
He further added that Tesla would most certainly start taking bitcoin payments after conducting extensive research into how much renewable energy is required to mine it. He asserted that he was not selling any Bitcoin. On the other hand, he would lose money if the value of the crypto sank.
Musk said:
“I would like to see Bitcoin succeed. If the price of Bitcoin goes down, I lose money. I might pump, but don’t dump. It looks like Bitcoin is shifting more toward renewables. I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50%.”
Bitcoin Rises
Bitcoin has risen about 8% since his statements at the occasion. The price of the coin market cap is $32,010.52 at the time of writing this piece. This represents a 7.35 per cent growth in the last 24 hours. On the other note, the price has decreased by 2.18 per cent in the previous week. In the market, Ethereum and Dogecoin also see a similar trend. Ethereum is now selling at $1,972.42, with a higher trend of 9.89% in the last 24 hours and a lower trend of 0.633% over the previous week. The price of Dogecoin has likewise increased by 7.80% to $0.1882.