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“I might pump, but I don’t dump”: Elon Musk on Bitcoin, Dogecoin and Ethereum

Musk said he expected that Tesla would resume auto sales in bitcoin which he suspended over concerns about high energy use for “mining” of the cryptocurrency.

Published

1 year ago

July 22, 2021

Newsroom Staff

New Delhi: Tesla CEO Elon Musk on Wednesday 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.

Musk said he loses money when the value of bitcoin or other cryptocurrencies declines but that he has not been selling despite the volatility.

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

“I would like to see bitcoin succeed.”

“Tesla’s mission is accelerating the advent of sustainable energy,” he said.

“We can’t be the company that does that and also not do appropriate diligence on the energy usage… now the it looks like bitcoin is shifting a lot more towards renewables.”

“We can’t just see this as an asset that we own and an investment vehicle is something that has the potential to change everything and make the lives of everyone was kind of better in some small, maybe marginal way,” he said.