Elon Musk Discloses SpaceX’s Bitcoin Holdings

Elon Musk Discloses SpaceX’s Bitcoin Holdings

Elon Musk’s interest in the cryptocurrency space has been viral and continued through a conference. At the ‘B Word’ conference held on Wednesday, Musk discloses SpaceX’s Bitcoin Holdings. He shared details about his and his company holdings on cryptocurrencies.

SpaceX, an aerospace company, one of his private firms, holds BTC and similarly, he personally owns BTC, ETH, and Dogecoin. Musk’s support for meme-currency via Twitter was the talk of the town a few months ago. His craze on joke currency has helped the coin to surge ‘to the moon’.

As a matter of fact, the price of Bitcoin surged the most on Wednesday since mid-June. At one point, BTC was trading around $32,000, up more than 10% in the past 24 hours. But that didn’t stay or continue for a long time, those gains were later reduced to around 6%.

Moreover, Bitcoin’s price rise earlier on Wednesday, according to Quantum Economics founder Mati Greenspan, was due in part to the excitement of the event. Significantly, Tesla is “most likely” to resume accepting BTC for payments on purchasing cars.

Musk stated that the network’s energy usage is improving and that Tesla is conducting additional research regarding BTC payments. Initially, Musk announced that Tesla would accept Bitcoin for payment in February.

Due to concerns about the amount of energy required to mine it., Tesla suspended Bitcoin Payments in mid-May. The price of Bitcoin dropped right after the announcement followed by the market collapse.

Musk’s Favorite Topic “Dogecoin”

At the conference, Musk asked Jack Dorsey, the CEO of Twitter and Square, if he would accept Bitcoin as payment from Twitter’s advertisers as support for cryptocurrency. In response, Dorsey stated that he is concerned about creating “economic incentives in the network itself without relying on advertising.”

Consequently, the subject of his favorite cryptocurrency, about which he frequently tweets came into the scene–Dogecoin. Musk stated that the DOGE community is very humorous and “has great memes and loves dogs, and I love dogs and memes”. Musk added:

“The most ironic and entertaining outcome would be for the cryptocurrency that began as a prank to mock cryptocurrencies to become the leading cryptocurrency.”

Following the event, the price of Dogecoin’s gains was scaled later the same day. The price surged up about 10% in the past 24 hours.

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