Elon Musk did it again. Tesla CEO said he would want Bitcoin to succeed and the world’s largest cryptocurrency surged above $32,000 on July 22. Musk said that he owns Bitcoin, Dogecoin and Ethereum at a Bitcoin event on Thursday called ‘The B Word’. He was quoted as saying that outside of his Tesla and SpaceX stocks, cryptocurrency makes up his largest holdings. Musk said, “Outside of Tesla and SpaceX stock, it’s my largest holding." Musk was speaking at the event alongside Twitter CEO, Jack Dorsey and Ark Invest, CEO Cathie Wood.
He also went onto add that Tesla would most likely start accepting cryptocurrency payments again after the company has done a fair bit of due diligence on how much renewable energy is used to mine it. He made it clear that he was not selling any Bitcoin, but if the price of the crypto coin falls, then he would lose money. Musk said, “If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump.” He stated that he wants to see Bitcoin succeed as he owns far more Bitcoin than Dogecoin or Ether.
On speaking about Tesla accepting Bitcoin as a form of payment again, the tech titan said, “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 per cent and that there is a trend towards increasing that number, and if so, Tesla would resume accepting bitcoin.” In recent times, more and more crypto miners have taken to mining these digital assets with renewable energy, as the traditional method requires a large amount of electricity.
Musk added, “Most likely the answer is that Tesla would resume accepting bitcoin," indicating that crypto is likely the way forward for the company is the days to come.
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Since his statement at the event Bitcoin rose almost 8 per cent. At the time of writing this article, the price on coin market cap stands at $32,010.52. This shows a 7.35 per cent rise over the past 24 hours. On the other hand, the price has dropped over the course of the week by 2.18 per cent. Ethereum and Dogecoin are also witnessing a similar trend in the market. Ethereum currently stands at $1,972.42 with an upward trend of 9.89 per cent over the past 24 hours and a downward trend of 0.63 per cent over the course of the week. Dogecoin also saw a 7.80 per cent increase, with the price at $0.1882.
Hydroelectric, geothermal and nuclear energy could all be good sources of power for Bitcoin mining, he noted.
“The past 24 hours saw the cryptocurrency markets lifting higher after almost seven continuous days of sell-off. It has been nothing short of a fantastic turnaround for the major cryptocurrencies. With this trend reversal, several investors would be breathing a sigh of relief. Bitcoin rebounded from its crucial support level and jumped back up,” said Edul Patel, CEO and Co-founder of Global Crypto Trading Platform, Mudrex.
Patel added, “It could be tempting for newer crypto traders to jump into the markets now. However, we are not in a bull market yet. We are merely witnessing a reversal, and the continued buying pressure would decide whether this momentum sustains. The traded volumes would go up if the buying momentum sustains, and that would pull the entire crypto market higher.”