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Elon Musk At The B Word Conference: "On Balance, I support Bitcoin"

Elon Musk At The B Word Conference: "On Balance, I support Bitcoin"

At yesterday’s ‘B Word’ conference, Elon Musk, Cathie Wood, and Jack Dorsey spoke about cryptocurrency, with Musk outlining his views on Bitcoin, the position held by SpaceX, and his support for cryptocurrency in general. 

During the virtual conference, an event hosted by the Crypto Council for Innovation, Elon Musk spoke on a panel with Jack Dorsey and ARK Invest founder Cathie Wood, as part of the “B Word” conference designed to “demystify, and destigmatize” cryptocurrency. 

Musk’s thoughts on Bitcoin were perhaps the most anticipated prior to the event, having previously removed Tesla’s public support for the cryptocurrency, based on the environmental risk factors of Bitcoin. His recent comments at the event were overwhelmingly positive, as he shared his own personal thoughts along with with details about his companies’ holdings:

“On balance, I support Bitcoin [...] Tesla owns Bitcoin, SpaceX owns Bitcoin, and I do personally own a bit of Ethereum and Dogecoin of course”

The disclosure of Tesla and Space X’s cryptocurrency holdings comes as a revelation, as neither Musk, nor SpaceX had previously disclosed their bitcoin holdings.

And while Musk’s admission that he holds bitcoin may come as a surprise to some, given his public decry of Bitcoin in several twitter posts, he has been criticised for his alleged manipulation of the market that reacts every time he criticizes or supports a cryptocurrency.

On this occasion, Elon Musk presented his views clearly, perhaps not limited via Twitter’s 280 character limit. The billionaire made his personal support for Bitcoin clear, and brought up the fact that while he may “pump” bitcoin, he doesn’t dump:

“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.”

Following the conference, the price of Bitcoin jumped to the highest level since mid-June, reaching $32,800 at one point, before settling to $31,966 at the current time of writing. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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