Bitcoin, the world’s biggest cryptocurrency, rose above
$32,000 after Elon Musk, chief executive officer of Tesla, revealed details of
his crypto holdings.
The price of Bitcoin climbed to $32,355 on Friday morning –
up by 1.3 percent over the past 24 hours, according to CoinDesk data.
The third-richest person in the world spoke on Wednesday at
the ‘₿ Word Conference’ alongside Jack Dorsey, the CEO of Twitter and Cathie
Wood, the CEO of Ark Invest.
He said apart from his stocks in Tesla and SpaceX, the only
“three meaningful assets” he owns is bitcoin, ethereum and dogecoin.
He added that “the Bitcoin I own is worth a lot more than
ethereum or doge.”
In addition to his private holdings, he confirmed Tesla and
SpaceX also own Bitcoin.
Addressing concerns that his tweets have contributed to the
volatility seen in the crypto markets, Musk explained: “If the price of Bitcoin
goes down, I lose money. I might pump, but I don’t dump. I definitely do not
believe in getting the price high and selling. I would like to see Bitcoin succeed.”
Musk said he has no plans to sell any of his Bitcoin anytime
soon.
He noted that Tesla is “likely” to start accepting Bitcoin
as a payment method again.
“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,” he said.
In March, Tesla introduced the bitcoin payment option for
its products a month after it invested $1.5 billion in the flagship
cryptocurrency.
Musk announced in May that his company had suspended bitcoin
payment option. He said Tesla was worried about the increasing use of fossil
fuels for Bitcoin mining and transactions.
Last month, Musk said Tesla would start accepting the cryptocurrency when it’s mined with more clean energy.
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