Posted 1 week ago | by Catoshi Nakamoto
While speaking at the infamous Bitcoin maxi online conference called “The B Word,” Elon Musk or as we like to refer to him as the Muskrat finally revealed that his aerospace company SpaceX has invested in Bitcoin and that he himself owns Ethereum.
“I do own, Tesla owns Bitcoin, SpaceX owns Bitcoin,” Musk said as reported by DocumentingBTC on Twitter. He added, “I also own and .” Although, Musk did not disclose the amounts that he owns or how much SpaceX has invested into BTC from its company Treasury. However, he did state that as an individual he owns significantly more Bitcoin than Dogecoin or Ethereum.
— Documenting Bitcoin 📄 (@DocumentingBTC) July 21, 2021
According to the official website of “The B Word,” the group run by Crypto Council for Innovation “aims to explain how institutions can embrace Bitcoin and how we all can support the network.”
Members of the Crypto Council for Innovation include — Fidelity, Coinbase, Square, and the VC firm Paradigm. The Crypto Council for Innovation bills itself as “a global alliance of crypto industry leaders with a mission to demonstrate the transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe.”
Musk spoke during the second panel, entitled: “Bitcoin as a Tool for Economic Empowerment,” alongside Cathie Wood, the CEO of ARK Invest, and Jack Dorsey, the CEO of Twitter and Square. While Wood and Dorsey seemed to have been more serious, Elon was his usual troll self, even at one point explaining that he wants Dogecoin to become the number one digital currency due to irony. A comment which was met with blowback from both Wood and Dorsey, who rebuked Musk’s idea countering with Bitcoin.
Musk further explained to the audience that Bitcoin can’t scale with its base layer without an L2 scaling solution. Expressing that another cryptocurrency with better throughput needs to be used as the cryptocurrency for peer-to-peer payments and that Bitcoin serves better as a store of value. Musk was also questioned on user-hosted wallets as opposed to custodial where an exchange or another party is responsible for funds. He stated that it’s important to have ownership of your private keys and control of your own funds, an ethos often echoed in the crypto community.
Musk also stated that Tesla will likely resume accepting Bitcoin as a form of payment in the near future after the company stopped accepting BTC earlier this year due to FUD about Bitcoin’s energy use. However, he said that he has to do more due diligence to confirm for sure that Bitcoin is now using over 50% of renewable energy. The Tesla founder added that “Tesla, SpaceX, and I are not selling any Bitcoin.”
Bitcoin is currently trading at [FIAT:$31,955.91] UP 7.4% in the last 24 hours according to Coingecko at the time of this report.