Home/ Markets / Cryptocurrency/  'I might pump, but I don't dump': Elon Musk says he owns Bitcoin, Dogecoin and Ethereum

Tesla CEO Elon Musk on Thursday said he owns Bitcoin, Dogecoin and Ethereum. Musk added that Tesla and SpaceX also own Bitcoin. Musk was speaking at the Bitcoin event “The B Word", along with Twitter CEO Jack Dorsey, and Ark Invest CEO Cathie Wood.

"I might pump, but I don't dump," Musk said. "Outside of Tesla and SpaceX stock, it's my largest holding," Musk said.

Musk also clarified that Tesla will most likely restart accepting bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the digital currency.

"Most likely the answer is that Tesla would resume accepting bitcoin," Musk 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%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin" Musk said.

"If the price of bitcoin goes down I lose money. I might pump but I don't dump," Musk said. "I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed."

Musk also made it clear he owns "far more" Bitcoin than Dogecoin or Ether.

Elon Musk also added, "I am not selling any bitcoin, nor SpaceX or Tesla."

Ark Investment Management’s Cathie Wood called Bitcoin a “hedge against deflation."

Bitcoin rose more than 8% to about $32,270 as of 12.00 a.m in New Delhi on Thursday. Other cryptos advanced too, including Ether and Dogecoin were also in the green.

The Bitcoin discussion focused on how Bitcoin is perceived by the mainstream.

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Updated: 22 Jul 2021, 07:43 AM IST
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