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Elon Musk owns cryptocurrencies, Tesla CEO admits to holding Bitcoin, Dogecoin and Ethereum

Moneycontrol logo Moneycontrol 22-07-2021 Ruchira Kondepudi
Elon Musk sitting in front of water: Elon Musk owns cryptocurrencies, Tesla CEO admits to holding Bitcoin, Dogecoin and Ethereum © Akanksha Sarma Elon Musk owns cryptocurrencies, Tesla CEO admits to holding Bitcoin, Dogecoin and Ethereum

Tesla Chief Executive Officer Elon Musk on July 21 said he personally owns some bitcoins, dogecoins and ethereums.

Musk was speaking at the B Word conference, an event hosted by the Crypto Council for Innovation.

However, he also reiterated environmental concerns related to cryptocurrencies.

Also read: Top cryptocurrency news on July 22

"One thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that's a bit too much and not necessarily good for the environment," Musk said, as quoted by CNBC.

Musk said he had been holding bitcoins for the long term.

"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."

He also said Tesla was the only publicly-traded stock he owned, CNBC reported.

The price of Ethereum went up around 12 percent after Musk's comments, while Bitcoin rose 8 percent.

He stated that both Tesla and SpaceX, the companies he had founded, currently owned bitcoin and other cryptocurrency.

Musk added Tesla might resume accepting Bitcoin as a form of payment for its cars, after conducting due diligence on the amount of renewable energy used in mining the cryptocurrency.

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